Building a Fund In 2026 with Fund Launch AI

Let me queue things up here. And then once we get going, we are not going to stop. In about— so we're going to start here in about 1 minute. When I get started, I'm going to give you a little intro and then I'm actually going to bring someone on live with me and we're going to build your fund live with you and answer questions. And I might bring on a couple of people. So get ready. If that's you, we'll have you on in a second. All right. Everyone ready to get going? Um, okay. You can hit that, Jackie. Let's get going.

All right.

Today, welcome on everybody. We're going to be building a fund live with a few people talking about investment funds, building on Fund Launch AI. If you can share my screen, my name is Bridger Pennington. To give you like one second on me and and what we're doing here, we've recently launched Fun Launch AI. We're going to use that today and kind of build funds with you for people that are live. It's gonna be pretty fun. Let's play a little game though. It's my game to kind of start today off. All right. Has this ever happened to you? Is the game. Okay. So type in the chat if this has ever happened to you. You have gone to see an interesting deal. That you thought was kind of cool. It could have been a real estate property, a business you're going to buy, maybe a certain trade. You want to get involved on this deal. You're like, this is interesting. You talk with your spouse, your friend, your business partner, like, dude, this is an amazing deal or opportunity we have here. We could do something with this. You actually even wonder how to plan or structure a deal like this. Anybody done this before? I totally have. I've done this so many times you can't believe. And then you, okay, how am I going to raise the money to do this deal? How would I, do I do a loan? Do I find investors? How am I going to go buy this building or this business or whatever? Whatever. And you let the deal pass you by. Is this anybody? Type a 2 in the chat if this is you. I've done this so many times. I've seen a deal. I thought it was so cool. And the deal passes me. And then even you go, you know, the deal got purchased by someone else. You were, you were trying to put it together, but someone else beat you to the deal. They bought the deal. And you miss out on a deal. And these deals got taken by somebody else. In air quotes, who had— well, they had the right college degree or the right connections for the money or the right partners or the right investors or the right structure, blah, blah, blah. And we kind of make excuses of why we couldn't do that deal. And then we go look for the next deal and we miss it. We miss it. I have done this so many times. Okay? Today, I want to talk about how we can change this. In life, we can have one of two things. We can have excuses or we can have results. You can't have both. Today we're going to talk about how to get results when you see deals like that, opportunities, how to actually get results and execute on that. Can I get an amen? Okay. That's what we're going to talk about today. Should be fun. So I want to help you stop missing on deals and play in the big leagues and how to build an institutional-grade fund to go and actually capture these deals and do this without spending $500,000 in startup costs.

Okay.

I recently met a guy and I asked him what he did for a living. And he said he flipped real estate. And I was like, oh, like a house flipper? You're flipping little houses like this? And he goes, well, not exactly. We flip skyscrapers. And I was like, oh, that's a little different. And he goes, it's the same concept though. He goes, yeah, we buy skyscrapers, we renovate them, we get new You know, tenants in, we lease up the property and we flip it for a good margin. I was like, oh. But he's like, it's actually pretty darn similar and we use a fund to do this. And instead of making $100 grand or $200 grand a house flip, they're making $20 to $30 to $40 million a skyscraper flip. What I want to talk about today is thinking much bigger about the business and deals we approach. And they did that with a fund. So, how to play much bigger? If you have a great idea, And money, capital is the only thing stopping you. How do you go do this? And I believe a fund, an investment fund is the best option to use to bolt on to do something like this. Now, why is this guy Bridger? Why am I qualified to speak to you? In just a minute, we're going to bring someone on live and I'm actually going to build a fund live with you. But to give you a little background on me for 1 minute, just why I'm qualified to speak on this. So, I, to date, me and my team have raised over $84 million of equity from investors.

Wow.

Into our funds, our portfolio has over $640 million of aggregate portfolio AUM, which is assets under management. We have launched. I have launched five funds under three different platforms. I have seventeen portfolio funds inside of Fund Launch Partners. We have hundreds of limited partners in our funds. I've done $47 million of revenue through Fund Launch and Fund Launch's businesses. I'm on the Inc. 5000. of fastest-growing companies in America. So I know a thing or two about building funds, raising funds, running businesses, et cetera. Furthermore, I actually dropped out of college. I am a college dropout. I did not attend an Ivy League school. I did not work on Wall Street, and I live in Utah, for crying out loud. I live in a flyover state for many of you. I go to the coasts. I go to LA or New York or Miami. They're like, why do you live in Utah? I'm like, because Utah is amazing, dude. Utah is awesome. This is my family. It's my beautiful wife and our 2 kids. We have 9 chickens, which is awesome. And we live in a little homestead in Utah. It's amazing. And it's— if you want to raise a family in a great spot, Utah is a phenomenal place to raise a family. So it gives you a little sense. I was able to do a lot of these things without college degree, without working on Wall Street, but understanding the principles of a fund. And then to brag up our community, you guys, the Wall Street Rebels, through Fund Launch, we've launched 400 funds and syndications. Our clients manage $7.1 billion of reported client AUM through Fund Launch, which is like— big round of applause to you guys, to our, our people on here. Okay, now in the next 90 minutes, we're going to dive into this and build out your fund, how funds work, how they're put together. So we're actually going to use— I'm going to go a little off script here. We're going to be using Fund Launch AI and actually help someone go and build their fund live in a few minutes. Does that sound good? Yeah. Okay, let's do this. Enough, enough chitchat. That gives you a little intro of what we're doing. Let's do this. In the chat, for people that are live with me right now, type in the chat because I want to select someone to bring on live. I do not have someone picked already. So we're going to allow you to turn on your cameras. I want in the chat though, I'm going to pick somebody. Type in what industry you're in. So you're doing real estate or private equity. Type your second question, how many deals you've done in the past in that industry. And then what, where are you at in the process? Are you already launched? Are you in the process of launching? Are you just thinking about it? So again, what industry? You know, so I'd be like, I've done real estate. I've done 10 deals so far. I'm in process of launching my fund would be the, what would you put? And you can put a little more detail in there. I want to pick someone that I want to bring on live with me right now. And you're, we're actually going to build and work on your fund live together. There you go. Okay. So type in the chat. Jeffrey says he's in the entertainment industry, 5 deals already, ready to start a fund. Awesome. Big Oaks Guy, 1 deal in the process of launching my fund. Private credit, 800 deals, major bank closed, need new line of credit in real estate. Real estate multifamily, 0 deals, raising first $500K on a deal now for syndication. Very cool. Real estate. 2, 3, just thinking. Real estate, launched. Give me, by the way, give me like 1 or 2 sentences about what you're doing too. Maybe just spend a second. Give me a little more color on what you're doing so I can pick the right person. Bear in mind, I saw that some peach orchards were up for grabs and savings, so that was what I was interested in funding. We just planted 20 peach trees at our property as well, which is kind of fun. Real estate, 3 deals in process of building, under contract. From Billy. August doing VC. Christine, healthcare in process of launching. Very cool. Paul is in real estate building a master-planned community. Paul, tell me more about what you're doing.

Loans.

I got to pick someone here. Real estate multifamily, 0 deals. 5 deals in legal. Capital raising and vetting operations to raise funds for my, uh, my company is Viking Capital Partners. Is your name actually Leaf Erickson? Is that just a joke? Because that's an awesome name.

It is.

Yes, I love it. Leaf, are you able to come on live? Let's do this. If you are, I'm gonna make you a co-host with us and we're actually going to build a fund live here. Let's see. Are you here? We're gonna spotlight you. If not, no worries. I can pick somebody else. You're there.

Sweet.

Can you turn your camera on? There you are. What's up? Good to see you. We're gonna we're gonna add a spotlight. There we go. Everyone can see you now. Okay, very cool. Leaf, welcome on, dude. Good to see you. Where where are you calling from? Hawaii. Oh man, living the dream. Are you on vacation there? You live there. From Vernal, Utah, and live in Hawaii for six years. Wow! You did what everybody talks about. They're like, one day we're gonna move to Hawaii, and you guys did it. That's amazing. What what caused you move to Hawaii? Yeah. Wow! Did you bring a family with you or people or who came with you? Wife and 3 kids. Phenomenal. Okay, let's do this. Um, I'm gonna share my screen and, uh, we're gonna kind of build out what you're doing live with you. Have you played with Funnel Launch AI yet at all?

I have.

You have? Okay, so you already— do you have an account already going and in flight?

Yes.

Okay, well, if you want, I could join your account. You can give me an invite code or we can just build fresh. What would be better?

Wasn't too far.

Wasn't too far. Okay, we'll start fresh. Um, all right, let's do this. And by the way, if someone's watching this, you're welcome to build along with us. You can go to funlaunch.com and you can create a free account right now. So if you don't have an account, you can come just create a free account. Um, you can use promo code ATHENA25 to get 25 extra credits on there and start building with us. So maybe our team will drop that in the chat. You guys can start building, uh, with us live. So All right, and is your name actually Leaf Erickson? That's amazing. Okay, very cool. All right, Leaf, so give me some, some detail here for this first prompt. You're doing real estate. Tell me a little bit about what you're doing.

Okay.

Okay, very cool. So tell me about the fund. What would you guys do? Like, I'm gonna try to write this prompt here. Give me, um, give me some details. Like, what would the fund be doing? What's it involved in? What's it investing into?

Okay.

And then what Class A, Class B buildings, Class C? Okay. What's your target like unit size? 100+ units. Um, how much are you guys looking to raise?

Well, if we do an SP, what would you like to do?

Yeah.

I guess $10 million.

$10 million? Would $10 million allow you to buy a 100-unit apartment? Like, how many units, how many apartment complexes could you buy, 100 units plus, with $10 million? Oh, so you're gonna kind of JV on deals with others. Okay.

Okay.

Okay, so raising— so let me— tell me if this prompt is right here. I've got, we're raising a real estate fund, $10 million, multifamily real estate. We're doing value-add older vintage buildings, Class B, 100 units plus. We would JV on the deals with others and do a, you know, co-GP deal on these. Where are the— where are the properties located, in Hawaii or other places? Houston. Texas. Okay, properties are located in Texas, primarily Houston. Okay, let's, let's start with this. Is that a decent prompt? Do you feel like we're in a— we're in the right spot here? Okay, let's do it. So I'm gonna hit execute here. And by the way, if you're brand new to this, you guys can go build along with us. So go to fundlaunch.com, create a free account, we'll build along. So I'm gonna hit execute here. So what it's doing right now is it's calling on about a dozen or so sub-agents to go and build What is best practices for a $10 million real estate value-add fund focused on Class B apartments in Houston, Texas that do co-GPs? What does a fund like that look like? It's going to help draft our legal docs. You can see here, how do those legal docs look? What are, you know, different— again, back to best practices for these types of funds. So what we're seeing here, it's going to populate me into the platform. You can see here, I'm going to put it into dark mode. I kind of like dark mode a little bit better. Now, what you're seeing here for people that are brand new, I know you've already played with this, Leif, but for people that are brand new, on the left, this is our agent bar. So this bar we can talk to, it will edit every piece of the fund live. As you can see, our strength score is going up as it's writing out more of our things. What you're seeing in the middle, these are all the fields that go into our fund. So if I click into like terms and structure, for example, these are all the sub-buckets of my fund. So for example, like fees and carry. These would be the management fee for my fund. It's set to a 2% management fee. This would be the carried interest for my fund. You kind of get the idea. If we back out, you'll see things around legal and compliance, team and track record, operations and reporting, things like that. So I can click into these and start working through and building out my fund, which is what we're going to do right now. To give people just one more sense, if you're brand new to this, we can work with the agent bar here on the left. Or, uh, we can work inside of the legal canvas. These are all the legal documents for my fund. So you can see here, here's my LPA, here's my other fund formation documents, my sub-agreements, etc. And also I have a, uh, a mock pitch deck here. So I have— it gave us a name, Bayou Capital. Um, what is the name of your guys' firm? What are you guys looking to do? Viking Capital Partners. Viking Capital Partners. I like it. Okay, so we'll update that. It should update across the board. We can also make custom pitch decks. We can change the theme here to different themes. We'll keep it on this firm theme. So Viking Capital Partners, I like it. All right, let's start building out your fund. Does that sound good, Leif? So now we can build this a couple different ways. We could just simply ask like, hey, what should I work on next? And the agent on the bar will actually walk us through it. Takes us in context of the entire platform. It can edit things on your behalf and build it for you, or you can just click into stuff. I think for, for this example, we'll just click into things. Even though I just asked what to work on, it said, hey, you know, we're scoring at 826. You know, team and tracker, we obviously need to work on that one. That one's red. Legal and compliance is also red. We can work on those ones. Um, let's start over here though with the basic stuff of terms and structure. Let's, let's click into these. Okay, so terms and structure. Um, let's start at the top here. Fund size. So, um, now $10 million is our target. Do you have a minimum or maximum of this fund size? Yeah, so typically, and, and if you're ever— yeah, I would say, you know, this is the minimum to get started, like a minimum first close. Is there a minimum amount that, like, if, if we only raised $5 million, could you guys still be in business? Or is it $10 or nothing?

$5 million.

Would $5 million work? So, $5 could be our min. And max, if you guys oversubscribed, you've had tons of people interested, what would be like the maximum amount that you guys would feel comfortable taking? $10 million. Okay.

Okay.

Well, maybe I'll put it to $100 million then. $100 mil brings us under the SEC threshold of an IRA exemption. So I think I would put us there. So $10 million is our target. We can stretch up to $100 million if we really, you know, crushed it on capital raising, but $10 million is our target. Okay. I like it. So we've answered this one. You can see here, I'm going to click back out and click here. So now we're going to keep kind of working through it. Let's look at fund structure here. of how our fund is going to operate and run. So I can click onto some of these. We're going to do a closed-ended fund. Does that sound good with you? That's most common for real estate. I can look at target LTV at stabilization. So this is now getting into your deals. Do you have any idea on your, um, how it's going to look? This is loan-to-value ratio at stabilization after your lease-up and repositioning. Does 60% sound right or?

Yeah.

Okay. We can— this is the loan-to-value ratio at Stables. And actually, by the way, we can just hit this little button called Get Insights. So Get Insights is going to queue up the left agent bar over here and actually teach us a little bit more what it wants from here and what it would mean. And this also takes into consideration the other stuff. So we can look at like JV structure at the asset level. You guys said you did want a JV, which is set to yes already, which is nice. Um, let's go to here. So loan-to-value, your current value is 60%. So what is this? Let me scroll up here. We can see lending environment for stabilized multifamily looks like this. The agency, Fannie and Freddie, they like typically 70-75%. A bank is 60-75%. A bridge would be 65-70%. At 60%, you're more conservative than most lenders will require. So are you guys taking debt on these properties? And so this is kind of asking how much debt, what's the leverage ratio that you guys would take on at stabilization? Do you guys know?

Yes.

Well, and I can, we can look down here so that we have leverage in here, and then we can kind of say this is kind of our target leverage, and then our interest rate that we are assuming we're going to get, and then at acquisition what we're going to get, and then after stabilization what the leverage would look like.

Any idea?

Okay. So 70% when you acquire it, and then after it's stabilized, it's, you know, the value goes up. So maybe it drops a little bit to 60 or 65. Is that correct?

Okay.

So that would work. Um, uh, defines the recourse indebtedness limit for the fund. Now these are limits. Is there like a max amount of leverage you guys would use? Like, You mentioned 30% is kind of the target, 70/30. Is there a max like 50% or is there a 40% or is 70/30 the target? The target is 70/30.

Okay.

So that would be like, and these are, again, these are putting into your documents what would be there, right? So like max we could do leverage is 50%. Okay. That works. That works fine. If we come down to like refinance plan, do you guys plan to refinance any of these properties? And what does that look like? Okay. So this.

Okay.

So these ones. This is an open text box here. And again, these go into your legal docs. Like, so this kind of stuff is important. It's empty right now. So I'm going to hit Get Insights. It's going to go over here and actually draft a refinance plan. Now, it doesn't have that context. We're going to let it draft first, and then we'll come talk to it and say, hey, our plan is, you said 2 to 3 years refinance it. Is that right? So this field is empty, scoring red. What this field is, So it's actually going to draft one for me. So here it is. So this is the one it drafted for me. I can just have it throw it in. Let's see. Following completion of the value-add business plan, each asset will be refinanced into a permanent agency debt upon achieving stabilized occupancy of 90% and trailing DSCR of at least 1.25x. Target permanent loan terms are 7 to 10 years at 65% or below. I'll add to to add more context. We want to refinance in you said about three to four years. Are these numbers correct? You want to do like a seven to ten year loan after at ninety percent occupancy. Is that a correct assumption? Okay. The typical. Okay, so I'd say the typical loan period would be about 5 to 10 years. Um, and, uh, occupancy— it mentioned 90%. Is that a target or is that required, or any, any thoughts there? Okay, above 88% occupancy. So again, if you can see, this is highlighted under refinance plan. So it's actually— I'm gonna hit execute. It'll actually help redraft that narrative. And again, these go into your legal docs. So these are again important. This is a risk factor that you're kind of telling to investors. So if you can see here, it actually populated here with, uh, it's written it out and it's actually populated in my refinance plan. So kind of nice. Let's read through this again. Following execution, the value-add Fannie or Freddie within 3 to 4 years of acquisition upon achieving stabilized occupancy above 88% and trailing DSCR of 1. Permanent loan are targeted in 5 to 10 years. So kind of what we said. Does that look does that look good for you, Leaf? Sweet. Okay. So that looks pretty good. Let's look at these other. The interest rate you guys are looking at is is 6.5%. Does that seem is that low high on these right now? Where do you think that where do you think your interest rate's gonna fall? Okay. Six and a half. So leave that. That's kind of the target rate. Okay. Um, operating partner strategy. So who's going to be the operating partner?

Like a specific person or the type of—

So right here, if you can see, it says in-house, joint venture, third party, or a mixed.

Mixed.

Mixed. Okay, so a combination of, of multiple people. Okay. All right, so we've gone through this section. If I click out again, this was under fund structure, and most these are all scoring green now. They've all been filled out. But again, these are good things to think about for your fund too. I was doing this yesterday with a couple partners and they were like, oh man, we actually, we probably should think about our debt-to-leverage ratio, exactly what we want and really model things out. So this, again, Fund Launch AI helps you think through this. So let's hit a few more of these. So fund term, currently set to 7 years. What are you thinking for fund term? And then also you have extensions and investment period.

That's the kind of period that we have for the— Yeah.

So fund term, again, I can hit get insights, but yeah, I'll just tell you, this is— so you typically have a target like this is going to be a 7-year fund and then we have extensions. We can do 1 extension or 2 extensions on top of 7. So it'd be 7 plus 1 plus 1 would put us up to 9 years max. And then investment period, we're going to make all of our investments in the next, in this example would be 3 years here. But again, you can pick what you want here. What do you think is the right timeline for what you're doing?

Yeah. I mean, 3 years is ideal. Just because generally, most loans tend to be 2 to 3 years minimum. Okay. 3 years is great.

Okay. So, in 3 years, that means that's the period you're going to buy properties in. But like what this is saying is 3 years and a day from now, we're not buying properties anymore.

With that specific fund.

With this fund. That's kind of what this is saying. So, we have 3 years to make all of our deployments. We aren't going to be deploying 3 years and 1 day. So, do you want a little more wheelie? Like, do you want to do 4 years? Gives you a little bit of leeway?

Yeah. Okay.

And then what this would mean is, okay, we're going to deploy within the next 4 years. We are targeting to get out of our deals, sell the deals, or get liquidity back within 7 years. That's our target. If the economy tanks or World War III breaks out or something, we can extend the fund 1 year or maybe 2 years just in case the whole market's whack. But By at minimum, 7 plus 2 would be 9 years. Our whole fund will be done and liquidated back to you, the investor. That's what this is saying. Is that a good timeline? Do you like that?

Yeah.

Okay, sweet. Um, so this kind of points out, and then number of extensions. Oh, so we have it. Sorry, I'll put this back to 1 extension and it's 2 times. So you can do 1 year plus 1 plus 1. That's what that would say. Does that feel good? Yeah, it's, you know, this, the extensions are like, you know, within essentially 9 years, we will exit the properties and give you at least whatever money we have back left, right? Our target is 7 years, or maybe it's 6, or maybe it's 8. And we're going to be deploying over the next 4 years. So these are all selling points to an investor. An investor goes, well, I don't want my money locked up for 9 years or 7 years, or maybe they do want their money locked up for 9 years on a fund like this. Standard funds is about what it says here is about, you know, 7 to 8 years is standard. A 10-year fund is pretty standard for large real estate funds. Now, you guys are only doing $10 million, so maybe it's a little bit smaller, but yeah. Anything you want to change here? Looks okay.

Okay. Okay.

So now, as you can tell, obviously we're— even though these were green already, it's still worth clicking into just because you want to learn your fund, right? These are all the things that are going to be in your docs. You got to sell these to investors. And again, if people are just joining, you guys can come and sign up at fundlaunch.com. You can actually go build out a fund right here with us. So follow along, drop questions in the chat. This is a live stream for a reason. So We can work on stuff, but you can come and actually build a fund alongside us at fundlaunch.com. All right, let's keep going here. So fees and carry, we got a bunch of things here. This is how all the fees that you're going to charge in your fund. So what it's set to here is a 2% management fee, 20% carried interest. You have preferred returns, fee basis, fee offset rates, catch-up rates. Let's start with, you know, management fee and carry. Those are the main things. So management fee is usually per year. So 2% per year would be charged. And then carry means the, you know, of the performance, 20% would go to you guys for the, you know, above and beyond. Where do you want to set those? Is 2 and 20 good or do you want to do something different?

No, that's good.

That's good. Okay. Let's keep going down. Do you guys want to do a preferred return?

Yeah.

Okay. It's currently, it's set to 8%, which is standard. And again, for people that we can just hit, if you're like, I don't know what a preferred return is, we can just hit Get Insights. This will teach us what a preferred return is. What this means is investors have to earn at least 8% first before we start taking our performance fees or carried interest. And that's 8% per year. And so that's— it's like a hurdle rate that you have to get over. And that's kind of market standard. So I think that's fine to keep. How do we want to charge fees? Fee basis? Is this on invested capital, committed capital, the net asset value? Typically invested capital is most common. So we can leave that unless you want to change that. Any thoughts? Feeling good? Okay. Fee offset rate. So what this means, and I can hit get insights again, but I'll just tell you, this offsets the— if you earn fees through other ways, like an acquisition fee or a disposition fee, the investors get an offset, meaning they're not double fed. So if you earn an acquisition fee and also a management fee and also a disposition fee, they have an offset. So this one is set to 80%. You could set it to 50%, you could set it to 100%. And maybe that's in context of Do you guys want to charge like an acquisition fee or a disposition fee on any of these deals?

So typically when we go in on a deal, the GP sponsor give us the fund manager an acquisition fee. So does that account as a separate deal where we're not being paid to the fund manager? Do we talk about the same? Because yes, we'll get, yes, we'll get a We get an acquisition fee, we get a disposition fee.

And sorry, you're saying you're getting paid that from the other GPs because you're co-investing? What this is talking about here is your investors essentially paying you an acquisition fee, maybe on top of that fee. So with that context, I would maybe put these to zero.

Yeah.

Yeah. So I would put, yeah, there's probably not an acquisition fee or not a disposition fee. Asset management fee, since it's mixed, I would probably put this, well, I guess who is managing the properties and other things? The other GPs, the people here that are co-sponsoring?

Yeah. Yep.

Okay, so then I would put these all to zero then. Yeah, like, because since you're— yeah, I, and I think that's the right thing to do. You just say, hey, we're, we're passing all these great things on to the investors. We're not double or triple feeing you. Property management structure is going to be—it looks like external from what you said. I think that's what's already set here. Refinance fee—that'd be a charge if you guys refinance the property. But what I'm—I think you want to set that to zero as well, if I'm correct on that. Okay, we'll set that also to zero. So what this is doing, by the way, is calculating. You have a management. So you'll—you guys are going to earn $200,000 a year pending everything is deployed in management fees. Then carry. You'll earn about $4.5 million based on our assumptions of how much money you're going to make in the fund, which we'll get to more in a second. So fee offset rate, we don't have multiple fees, so we can just leave this. I think we can just put it to zero. There's not going to be a fee offset rate. It'll put it to red, but I don't think we— if there is other fees, it won't matter, I guess. It could be 100 or zero. So we could put it to 100% or zero because this won't matter because we put everything else to zero. Preferred return, fees and carry, fee step-down over years. So this is an interesting question. Do you want, and I can hit get insights again, we can have it teach us, but this is asking over, after year 3 or year 4, year 6, are you going to have your fees drop at all, like management fees per year? Some funds. Yeah, it's yeah, it's kind of like investors look at this and go, well, you know, you guys have already deployed the money. Like, why am I paying you two percent a year just to sit there? In some funds, but other funds, it's like, no, we're actively running this thing. Yeah, we need the 2% a year. In your case, I would maybe not do a fee step-down or maybe do it after 7 years. That's the target of your fund is 7 years, right? And so maybe it's like, hey, we're not going to step down the— we're doing— because this would say, hey, after 6 years, it steps down to 1%. Uh, but I don't know, in your scenario, I— if it was me, I, I don't know if I would even do a step-down rate because you're not charging other fees. But any, any thoughts from you? How do you want to run it?

Yeah, let's keep it. Let's just keep it standard. We're going to be, you know, building this relationship too.

Yep. Okay, I'll put this to just essentially there isn't a step-down. Um, Which would be 7 years and 2%. So we'll just leave this here. Organization expense cap, um, $1 million. That's kind of high. I think that would be to set up the whole fund. That would be your cap. Maybe we'll— let's drop that to like $100 grand, um, to set up your whole fund. Does that sound okay? All right, we're looking a lot better here. We got some good stuff here. Um, anything you want to change? You feel good about this?

Yeah.

Okay. So, and again, at any time we can just sit here and like, hey, you know, we can ask the AI because it takes context of everything. We'll probably do that at the end of like, hey, can you help me think through all of this again to resync it? So now let's look at returns here. Um, target hold period, uh, was— I think we said 5 years. Well, do you know what the target hold period is for these?

For the fund?

Yeah. For the well hold period for the fund, yeah. Seven years total, yep. Okay, we'll set that to seven. Now I think it docked us because it's going to be seven years total. You're sorry, the life of your fund is seven years. You guys are deploying in four years, so I think it would probably be because it's going to be like it's going to take you a year or two to buy them. Is that correct? And then you're going to hold them for like five years. I think that's why it's given us that. So maybe five is a little bit better. And I guess this is just a target, so it doesn't it's not. Too, uh, too crazy. Okay, let's talk about— so anyways, for people that are brand new, by the way, we're, we're in here, we're working on his terms and structure for this fund. Uh, we're gonna— we've been going bubble by bubble to kind of work through and build your— their fund. If you're brand new to this, by the way, you can come to fundlaunch.com, build a free account, and actually do this with us, um, as we build Leaf's fund here. So let's hit a few more of these. We probably won't have time to build all of them, but this gives you a little— actually, I'm gonna jump around if that's okay, Leaf. Um, because I want to look at our— be conscious of our time here. But you get the idea. So you could keep going down here and go through distribution. You can go through investor terms and start keep working on these. Let's click on strategy and market for a second. So now that we've built out some of these, you're going to have these narratives around your fund. So things like, what's our competitive edge? So if you see here, these are narrative fields, meaning it's a long kind of text form field. These will help populate your pitch deck. They'll help populate in your legal documents. So now that we've given it more context, and I'll click narratives again, like what is our competitive edge? And it actually has an AI rubric here and gives a few things for revision. So instead of having a generic local operator, let's claim— let's actually like put in what we do and what we're good at. Um, collapse the parallel edges. So it gives a few things I can just click Apply revision plan. It populates it over here into my agent bar and then starts. It'll take a minute here. It's actually going to help me redraft my competitive edge, and then we can kind of reread it and see if it matches what you guys are doing. Is that okay? The same thing's true for like down here with value-add playbook, sourcing pipeline. We kind of need to fill out some of these things, but we'll give this one a, um, a pass here. So it'll take a second. I guess as it's running here, we can go look at a few other things. Let's look at, um, this is under strategy. Here's more of your narrative fields, fund summary, value creation levers. Okay, so let me go back to narrative. So it's given me a few things here. What was rewritten? The sourcing infrastructure replaced with local operator. Durability anchored, MOIC grounded. Any other— let's, let's see, can you give me some more context on what's part of your competitive edge? Like, how many deals have you done? What's your background? What's your guys' history? Maybe give me a little bit of like your competitive edge from your team.

I think that's where our whole thing is. We have a lot of experience in this field.

Okay, so you have background in value-add construction, um, I guess. So what is your competitive edge? Is it partnering with good operators, these other co-GPs, and kind of leaning on them? Or what would be a competitive edge for you guys?

Yeah. We're looking for good operators that have good background, good history, they have deal flow, they have exited multiple times in markets, got a successful track record. We bet good operators can see the deal through.

Okay. So we want them to have good track record, seasoned operators, done multiple deals in this space. What else did you say there? Did I miss anything? Okay, let me— I'll put that in. It'll help kind of redraft some of this to build out your competitive edge and revise a little bit over here. It's like flagged a few citations of— it's referencing Texas A&M. Real Estate Search Center said, you know, gave a Texas Housing Index report on why Texas is awesome. But again, this is flagging like, wait, we need to make sure that's written the right way. So it's now it's going to go rewrite this inside of your competitive edge here. So it's kind of nice. It kind of writes it for you, helps you build it, like populates it into your legal docs, which is nice. One thing to fill in when you're ready: the MOIC target is still labeled as forward projection. If you have any prior deal-level track record, even informal, do you have any prior deals or MOIC targets for for for what you guys have done? So target and MOIC for people is multiple on invested capital. So you're saying is is two x. Okay, let me type that in here. So it's asking for it, I'm just gonna type it in. It'll go and actually, yeah, route it to the right spots here. So it's gonna go update both these for me. So again, we can start building out these narrative fields here. So these ones, I usually like to do these kind of later because it has the context for our whole funnel, kind of like we've done, and it helps build out. Okay, so here we go. Target MOIC is now set to 2x. Competitive edge narrative is updated. Great. This one's still updating. It's going to give us another rubrics. We'll give it a second here. These longer narrative sections are still, I think, very important to do. They take a little bit of time to do. We can look at the revision plan here. Let's name at least one of these operating partners if you can. Do you know, do you have a name of one? Or maybe you don't want to say it live, but we can leave it. We actually can leave it transparent. What it's asking for is, you know, can we name some of these people? Can we give them more context? That kind of helps over here as well in team and track record, which we haven't filled out yet. So we'd go and fill out. I won't do this live because people are watching. We don't want to give private details, but you would come and actually build out your key persons under here under manage team. So you can say, oh, Bridger is a partner and, you know, Joe Smith is a partner and we can go through and build out our team members, put their bios in, mark them as a key person, put them on the GP, all the, all the people here. So this will help build out the team and also the narrative sections for what we're building. For privacy's sake, we'll leave it somewhat private for you. But that will help build out, and then you put your experience in here. This will help build out the narrative around your fund, what you guys are doing. Okay. I'll pause. Has this been useful? Is this kind of helpful at all? Are there certain questions or things that you, and maybe I can direct us where you have questions on like, how should the fund run or operate or function? Anything that we can double-click on?

I just have a question. Can we deploy this fund before the fund is fully raised?

Yeah, the answer— I'm actually, I'm going to type into the chat. I'm curious what the chat says. I'm going to, I'm going to, then I'll give you the actual answer. Can we deploy these funds before the fund is fully raised? The answer is yes. Yeah. Now we'll see. I'm curious how it points it out here. So on that minimum target, we put $5 million, if you remember. So usually what happens here, we say, hey, once we've hit the minimum, we hold, and it's telling us over here, we hold a first close and you can actually start deploying after you've had a minimum first close of $5 million calls or $5 million. And you do capital calls, you call the capital in. Uh, and then you can deploy as you go on. So typically funds— and you can put me full screen for a second. You guys haven't seen me for a while. Um, so you can deploy. So like if we— you guys have raised $5 million, you hold a first close, you call down 50% of the capital of $5 million. So $2.5 million. You have a close, you invest the capital into a project or a deal. You continue to raise money. And then you hold a second closing, maybe 3 months from now. You do a rebalancing in the fund, meaning everyone gets rebalanced. You do another capital call, and then you deploy that capital into a second closing. And then maybe you hold a third and final closing for the full $10 million. Again, you strike a net asset value of the fund, you rebalance the fund with all the investors, and then you deploy capital again out of there. Did that make sense at all? If it didn't, I can draw it out for you, but did that make somewhat of sense?

So essentially, the commandment of God is supposed to be used to keep the commandment of God. Yes.

Yep, 100%. Yep. So they would, uh, they would be rebalanced into the fund because a fund, you're buying all these different properties together in one pool. So investors, whether they came in first or late, they get put into all the deals of the portfolio. Now that rebalancing, and you can add, the AI can help you, we can walk it, we can walk you through it in your specific situation if you'd like. Um, but the, uh, Usually, there's a premium paid to investors that came in early. And usually, that premium is 8% per year, which is paid. So, they get a bonus because their capital has been at risk longer than the other people who have come in later. And so, they get paid a premium for coming in later. And typically, it's 8% per year. So, if it's been 6 months, it would be 4%. It'd be an APY of that. That'd be called rebalancing. And a good— if you use a fund administrator, they can help you with that and make sure the money's all allocated the right way from there. Any other questions or things we should double-click on, Leif?

I'm good.

So let me share my screen again. Now, maybe I can see if I can share this with you because we've already built out some of your stuff. You might have to rebuild it on your account, but we're gonna go through and we would build out legal and compliance. Um, yeah, thank you. Uh, we would go through and look at our final closing dates, you know, formation dates. As you go through Fund Launch AI, again, you can ask all these questions to the agent bar. If you ever get stuck inside of here, you can go talk to a real human. So we have all different advisors in here. Like Dan works in real estate funds right now. You can actually book a one-on-one call with him. You can meet with him Friday. and say, hey, I want to talk about my fund and work from here. Once you're done though, you'll come to the legal canvas, which is here. These are all your legal docs and everything is auto-populated. So you can see Viking Capital Partners. Uh, and what happens here, this is kind of a final check. So you come to the fields. These are all the fields that we've decided on, and we're going to actually approve these. So I'm going to approve the name of the fund. We're going to improve maybe the investment philosophy. We're doing value add. Our target geography is the US. We're doing Houston, Texas. So these are all things we're kind of doing a final sign-off to approve these. As you can see, I have 105 things to approve here. You can see that once these are all approved and turned green, I can then hit submit for legal review. Now I need a legal credit to do this. And you can talk to our team and we can get you legal credit. And then this engages real attorneys. So you sign an engagement letter with one of our law firms. They come into the platform, they review your documents, they can answer questions with you. We file your entities, we file your Form D, and then your fund is launched and ready to go. That's kind of how this process works. So the idea of Fund Launch AI, we help build your fund here. You spend some time thinking through all these, you know, questions and you can work with the AI and then you go talk to the legal team. And the reason, one of the reasons for this is before Fund Launch AI existed, you would have like ERISA provisions and you're like, what the heck is ERISA provisions? And you would call up a lawyer and they would bill you $800 to $1,000 an hour. To tell you about ERISA provisions, and now you can just hit get insights, and this will teach you about ERISA provisions. What makes sense for your fund with all the context of what you've done, and you save the eight hundred dollars an hour and six months of time going back and forth with lawyers. This allows you to build your entire fund in one spot. So here's ERISA provisions. This is what it currently says. This is going to tell me what an ERISA provision is. So if you guys don't know, ERISA provisions. Let me go up here. These are for retirement plans. So think of 401s, IRAs. If more than 25% of your fund is held by these investors, they are plan assets. So you want to be below 25%. It keeps you outside of the ERISA's reach. So this is a thing you have to follow under the compliance section. And so it's going to draft, um, a, uh, Let's see at the top here. It drafted a narrative. Hey, our fund is going to stay less than 25%. It's like, oh, that's really useful. That's a rule I got to follow. It's already populated. It's going to put it into my docs. Ta-da! Like that saved you $800 and an hour phone call with a lawyer, right? And same with these other ones. Like if I go down to here, your exemptions, your ICA exclusion that you're going to use, et cetera. So this helps you think tank and build your fund. And then you go and prepare and go and work with attorneys. And our attorneys are amazing. They come in here and build your fund with you, and then you're launched and ready to go. Um, Leaf, thank you so much for coming on and talking. Uh, hopefully that was somewhat useful to build out your fund. Congrats on what you're doing, man. That's amazing. I don't know if Leaf's still with us, but, um, living in Hawaii, doing deals in Houston, it sounds exciting, man. Any, any, any final questions before we, before we move on to somebody else? Sweet, you can put me full screen. Um, okay, Leaf, that's fun, man. Maybe we'll come visit you in Hawaii. You did, you did what everyone wants to do— take your wife and kids and move to Hawaii. Which, uh, which, uh, island are you on? Oahu North Shore. Amazing, such a fun thing. Um, and your kids love it? No one wants to move back? You guys are all— you're gonna stay there long term? Oh, okay. Very cool. So you're— so one kid at home. Oh, fun. And then once you guys are empty nesters, is your plan to stay on Oahu then? Yeah. Oh, true. Yep. Yeah. Is it hard running real estate in Houston and living in Hawaii? Okay. Yeah. Now, amazing. Leaf, thanks for coming on today. Appreciate you, brother. Yeah. Bye-bye. All right. That was fantastic. Okay. Let's pick on someone else, maybe answer a few more questions. Someone asked questions about hedge funds, how to do this with hedge funds. Similar process. And by the way, if you would like our team to do this with you, We actually can. So, um, if you guys can help people in the waiting room as well, Jackie, and drop in the chat, if you go to fundlaunch.com/call, we actually can do this with you with our team. So I can, we can build your fund with you. Um, I think, yeah, my, my guy Adam and, and, um, Jackie have been dropping stuff in the chat. So go book a call now. How it looks, if you can share my screen, it'll take you to fundlaunch.com/call. Uh, this is what it looks like here. Oh, is this the right one? Let me go back. Sorry, I got my full screen here. Let me restart. I think I was saying it wrong here. Hold on, give me a second. Oh, we have a, we have a special code just for today. So August 6th under training. Okay, very cool. So click that link. This is just for people that are live today. So we'll make sure you guys get calls. Here's the link. If you click on it, it's funlaunch.com/training. And then for August 6th, so we know it's you guys coming in, this is again a live call. Um, and if you're watching the replay of this, I think this should still work for you, but you can come. I have a full 1-hour training here on investment funds. This incredibly handsome, awesome dude gets to train you for an hour, which is awesome. We walk through, uh, how funds work, how people get paid in funds. You know, you might be deciding, is a fund even right for me? This kind of works through what a fund is. Uh, do you need, um, how to launch a fund with the Fund Launch Formula? You can see me training all through here. How these work? How do we find investors? How do you go to market? You know, should I do? What licenses do I need? Do I need licenses? How do I build an edge in my fund? Are all put here. So fundlaunch.com/training. You can go look at this. And then down below here, right here, you can actually go and book a call with one of our people. So you can go and say, hey, I want to book a call. I fill out my detail, or I can go down below here and and book a call right here. So I can. You know, same idea. You book a call down below, and then it'll also take you right after you book a call. You can go and work on your fund in Fund Launch AI. So this is completely free to build an account. If I go to an incognito window, if I go to fundlaunch.com, if you hit enter here, it'll ask you a few questions. So if you like light or dark mode, I can hit continue. I can then say, hey, I you know I heard about this. You know other. I'm looking to build my fund. Asks you a few questions, and you actually can go build your fund here. Yes, you know maybe no. I haven't run a fund before. It'll ask you for your name, email, and password. It creates an account for you. Use the promo code that Adam has put in the chat, Athena25. So type in here Athena25. You'll check this. This is optional, but put your put your stuff in here, and then you can go and actually build an account right now. So you put your name, you know, you say Bridger. I would do plus one password. You know, I'd put a password in here, put my phone number in. They don't. Okay. And I can actually go and build my account. It'll ask me, hey, do I want a one-on-one call with one of our people? So our people actually hop on and build the fund live with you. You can talk to somebody if you'd like, or just say, nah, I'm good. You can hit skip. This will give you a little intro of what we're doing right here. You can hit skip intro. And now we're actually building a full fund right here inside of the platform. So this is how you can go play with this right now. So. Curious in the chat, type a yes or a no. Do you guys have access to Funnel Launch AI yet? Have you had a chance to play with it? So type a yes if you have and type a no if you have not. Yes if you've already had an account here, no if you have not. Okay, so kind of mixed. If you're a no, I would tell you right now, go set up an account and start just playing with it. It's completely free. You'll get credits right here to play with. And you can start building out your fund right here inside of the platform. You get on a 7-day, it's a 7-day trial, brings you to, and it'll ask you to go and build a fund with you, or you can hop on a call with our team members. This helps, before this, you had to like, I don't know, get on a whiteboard and try to figure out if this was right for you. Now this is your whiteboard. You can go and actually think through, is this right for me? Is it right for my business? You know, how could this work? A lot of the questions you have can all be answered right here in context of your whole fund trained on our proprietary data. You can build out your custom pitch decks on here. You can build out your whole fund. You can work with a legal team. You can actually work with people one-on-one. We're holding a cruise in 41 days. You guys can come to our cruise if you're a pro member. The Fun Launch Cabo Cruise. We also have an event in our our offices here soon. So Adam and Jack, you're dropping links down below. Maybe we'll build another fun live here in a second or answer a few more questions. So put me back full screen if you can. So my people that typed in no, go go try it out. Go hit that link from my team above. Go build an account. It's what it is well worth it. I will tell you it is well worth it. Before this, you had to talk to a lawyer and pay. tens of thousands of dollars to even just see if you wanted to launch a fund. Now you can build it out live right here, which is pretty cool. So, yep, go check it out. fundlaunch.com. It is ready right now. Joe, good to see you. Jeff, what's going on? Alright, I want to bring someone else on live. Who else wants to come on live? We'll build a fund live with you. We can answer— actually, before we do that, any questions so far? I know we worked with Leif. I might have missed a question or two. Is there anything that's maybe pending? You're like, I wish I could get that answered. So type any questions you have in the chat. I'll answer a few of them and then maybe we'll build another fund live right here. Does that sound fair? So I'll give you a second. What questions do you have? Are there things that were confusing or didn't quite make sense? And we can talk. That was just on a real estate fund, but we can build a hedge fund. We can build a private equity fund. We could build a venture capital fund. You can build any type of these funds in Fund Launch AI. If you share my screen again, if you look right here, you actually can toggle this. So real estate, private equity. And what happens if you do a private equity fund? The stuff you saw inside all changes according to private equity. The legal docs change according to private equity. If you pick venture capital, the legal docs and things change according to those things. And so, it's similar but a different experience in here. It still looks the same, but the operations and reporting is different. Or hedge funds than real estate funds. So some of these bubbles will start to change and get different based on what you're doing. So type in the chat. I actually, I can see the chat live right here. So put me full screen again. Let me go back here. So what questions do you have? What can I help you with? A PE fund would be nice. Okay, maybe we do that in a minute. Can a fund help with a Reg S fund? It doesn't sound like it well suited to Reg CF. Is that correct? Yeah, good question. Currently, Reg S funds are made for international investors. However, they're not used very often. Most international funds that we've seen still do Reg D funds with international feeder fund structures rather than Reg S. Reg S still puts a— and this is, sorry, we're getting a little deep here, but we still see Reg Ds do very well. Reg CF stands for Regulation Crowdfunding. And actually, if you— I'm going to switch screens here for a second. To do crowdfunding, it's quite a big regulatory burden. It's about $80,000 to $100,000 a year to run a Reg CF fund. And if you share my screen here, you'll see there's Reg CF and Reg A. Reg CF funds, you can only raise $5 million a year. You have to work with a crowdfunding portal that is approved by the SEC. There's about 5 of them. And so you have to work with one of these portals. It's quite expensive to run these, but they can work. If you're like Grant Cardone and you have millions of followers online, Reg CFs can work well. But if you don't have those, we've seen a lot of these fail just because the operational burden is Doesn't work well. Reg A's and A+'s, or they call them mini IPOs, these are sometimes good for companies that are launching. Still, cost to build one of these is like $50,000 to $75,000. Quite expensive compared to other types of funds. The funds we focus on are Reg D's. This is 99% of all private capital in the world. Goes through a Reg D, either 506 or 506. And this is what we've built our platform around is this. So this is, and this is for syndications, SPVs, stained glass funds. They all, almost all, 99% of them do Reg D 506s or 506s. It's because it's, you can raise unlimited amounts of capital. You can raise from typically accredited investors or above. And you have these exemptions from the reporting requirements of, you know, Reg A's and Reg CF's have higher reporting requirements because you're raising from non-accredited investors. So it makes your, your compliance burden goes up quite a bit when you raise from those types of investors. Anyways, great question. Hopefully that's helpful. How could I know if my concept is capable of being a fund to begin with? You can go play with Follow Up Boss AI. So type in your whole concept. It'll actually tell you like, hey, this can work, or this, I don't know if this really fits or not. That's part of what we've built is it helps you. It's like the whiteboard. It helps you think through if this is even an idea. But Shane, you can drop it down below and I'll help you if you want. I can do it live with you. I'm looking for mezzanine funding. Which do I do, private equity or real estate? What are you buying, Sarah? If you're if you're receiving mezzanine funding, that's just one way to raise capital. But what are you buying into? So if you're buying businesses, it would be private equity. If you're buying real estate, it would be a real estate fund. Your source of capital would be mezzanine funding. So if I'm on Fun Launch AI, if you share my screen again, if you're building a real you're buying real estate. Oh. My bad. Let me go back here. Okay, try that again. If I'm buying real estate, I would do— I would select a real estate fund. That's what I would do here, if that makes sense. So again, and someone asked, does it work for me? Like, yeah, come and type, just start chatting and build out your fund on here, and it'll, it'll help actually help you design and build out a potential fund. Or hey, maybe this doesn't work for a fund.

All right.

Put me back on there. Abby, we can raise funds for our businesses? Depends on what you're doing, but yes. So we've seen some people, they have an existing business. They want to expand their business and maybe go buy competitors, or they want to go buy, expand, you know, open up new locations. That would be a private equity type of transaction. They would be raising money to go do that expansion. Yep. So right now, if you guys have not yet, go to fundlaunch.com. You guys can create a free account or go to fundlaunch.com/training. I have a 1-hour training where you can book a call with my team. We can help you out there. I already have a fund registration under my current LLC for a multi-strategy fund. On average, what does an LPA and PPM look like in terms of number of page sizing for a starter fund? Every fund's a little different. Inside of our platform, if you share my screen, our PPMs and LPAs are pretty in-depth. We do not support multi-strategy funds for a couple reasons, just because they're hard to raise money for, to be frank. We actually encourage our members to not do multi-strat just because if you're doing, hey, we're buying Bitcoin and we're also buying real estate and we're also investing into venture capital, We've seen those funds are very hard to raise and typically don't launch. So we've actually kind of hardcoded, we pick a vertical and stay in your vertical, but up to you. If you wanna do custom docs, you're welcome to go somewhere else or we can figure out something with you, maybe talk to our team, we can do a custom setup. But these PPMs and docs are pretty comprehensive. I don't know, 50 to 100 pages each. We have all of our agreements here. These are pretty complex agreements. All right, I'll go back to questions here. Yeah, and just, I just, we've launched about 400 funds. I've built 5 funds myself. I have rarely seen a multi-strategy fund raise money on their first fund because the question, if you're like, hey Bridger, I, okay, we do RV parks. We're amazing at RV parks. We also trade the VIX volatility index, and we also trade Tesla options. It's like, whoa. It's like, you're trying to sell to me that you're an expert in a field. And it's like, okay, you're an expert in RV parks, and you're also an expert in trading Tesla futures and options, and you're also an expert trading the VIX. I'm calling BS, right? And investors kind of see through that. They like to invest in experts that know one domain and one thing really, really well. Now, not to say it can't work. I'm just telling you from our experience when working with hundreds of funds, very rarely do those people raise money because investors are like, wait a second, this doesn't— this doesn't make sense. It doesn't match up. Should I prove my thesis with a syndication first, or can I launch my fund in your opinion? Yeah, typically doing a syndication or a deal is usually the right approach. So test out the thesis. If you're, you know, new to real estate or new to buying businesses, yeah, it's usually better to do one than to do many. And we're actually working on it now, an update to Fund Launch AI. We will be doing syndications and SPVs in the next few weeks. So you'll be able to build whether it's a fund or an SPV all on platform. So whether you're doing one deal or multiple deals, you'll be able to build it all on platform. So we're built— we're actually— I just saw our prototypes again this morning. We're working on it actively right now. So it should be out in the next few weeks. Can we raise a fund for affordable shared housing projects? I don't see why not. Yeah, we've had a number of people do Section 8 housing or other affordable housing projects. That would be a real estate fund, and yeah, it's been it's been good. Any thoughts on the new reg crypto SEC rules with the Clarity Act? I know the Clarity Act's been back and forth. We'll see if it goes through, and then the new it looks like the SEC and CFTC are like whether the Clarity Act passes or not, we're going to pass new rules and give clarity to the industry regardless of Congress voting on this or not, which is kind of cool. So as someone I have. You know, I run a crypto fund actively right now, and so it's been it's been pretty awesome to see the progress in the industry to provide clarity. So I'm I'm I'm bullish. I think I think it could work out well. It's micro farming investment currently targeting individuals. Okay, cool. My fun concept would be on a neuro linguistic programming system NLP. Okay. I don't like being told 7-day free trial. There's no credit card on file, so no, we don't bill you after 10 days. We can't bill you. We don't have a card on file. Can you fix your screen so you can enlarge it? Uh, it's— it looks fine on my, my end. I don't know if other people have problems with it, but yeah, no credit card required, and I can zoom in on things. Or just go build your own account. You can build it on your end. Yeah, so it's 7-day totally free, no card on file. The seven days though just gives you a time period to play with it, and then what we tell you next is just talk to our team members, and we can either extend the trial for you. We can figure something out to make sure that you you do well.

Yep.

Okay, very cool. Thanks for the clarity. Yeah. All right, let's uh let's do this. Let's build another fund. Would that be useful? So if you're in the chat on here, we just did a real estate fund. We can do a different one. So type in the chat. Maybe give me. Type in like one to two to three sentences of what you're building, and maybe I can bring that up with people. And actually, well, maybe I'll share. There's a couple more questions. Maybe this will help answer them. But type in the chat what you're building, and maybe this this will somewhat be useful for what you guys are doing. Now, let's do that. Actually, let's do this for a second. So, while you're typing in the chat, share my screen. So, I mentioned this at the beginning of the call. So, like, why am I qualified to speak with you guys? So, I've raised $84 million of equity in our funds. Our portfolio is $640 million. We've launched 5 funds under 3 platforms. We have 17 portfolio funds, hundreds of limited partners, $47 million of revenue, and we're on the Inc. 5000 of fast-growing companies in America. So, we've done well. Additionally though, I dropped out of college. I didn't attend an Ivy League school. I didn't work on Wall Street, and I live in Utah. Okay? And I have a beautiful family. We have 9 chickens. We have a peach orchard. We live in a little homestead. It's awesome. Awesome. It's freaking awesome. Okay. So how did I get into the fund space without doing, you know, working on Wall Street or doing this? Well, and I want to talk about this for a second. And through Fund Launch, we've launched 400 syndications and/or funds. Our clients manage over $7.1 billion of AUM. Okay. And so I want to show you how we did this. How do we raise money? And maybe a lot of you might have questions around how do we raise money? How do I do this? Is a fund right for me? And we can build another fund live with you and you can do this even without a college degree. Does that sound good?

Yeah.

I'll hit on a few things. Now, on capital raising and fund structure, and I'll tell you my story in just a second. What I learned was you don't need a fancy logo or expensive lawyers or brand packages to make this happen. You need a great deal and the right structure around it. If I was to simplify everything we're doing, you're just finding a great deal and you're bolting on an awesome structure, a fund to scale that thing, that deal. That's all we're really doing. You found a great investment strategy and we're going to scale it together. So for example, we helped these guys. This is All In Ventures. They paid us about $30,000 to help build and structure their fund. They came through Black Card. They have launched a successful fund. One before this, they were investing into small startups on SPVs. We then helped build them an entire fund. If you can see where they're at there, they're at their— this is a 100,000 square foot facility, an incubator. They've got, I think, about 200 startups that are building off a local university here, and they're building out all their stuff in here, which is really cool. These guys are the preferred venture capital firm for the best startups that come out of this incubator. They had a great business model. And now they have a fund to scale it. Right now, these guys are launching their fund too. This guy Percy, he had done well with multifamily real estate. He paid us approximately $25,000 to help him build out his fund. He has now over $100 million AUM. I love this picture of him with a cigar, and I had to put this one up from Percy. This is from just a few days ago. They closed on another 229-unit apartment complex in Oklahoma. This is part of our community inside of inside of our Slack channel. Okay. You have a great deal and the right structure around it. Now, I'll give you a little bit of my background story and how I got here a little bit because it's— I think it's indicative for what you guys are doing as well. I knew I wanted to be an entrepreneur. I knew I wanted to build stuff and be in the space. So, I got into college. I served a 2-year church mission in Taiwan. I spoke Mandarin Chinese. It was amazing from ages 19 to about 21 years old. It was awesome. I get home and I'm like, let's get to work. It's time to start building. So, I built 6 businesses my first years of college. My first business was Chinese tutoring. I had a handful of tutors that worked for me. We tutored all these local kids in the area and it was kind of good. However, margins were horrible. I had to pay tutors and deal with all these parents and scheduling. And it was just, I was like, man, it made me some money but wasn't scalable. Okay? I then started building online marketing funnels. So, I was trading time for money. Someone would pay me and we would build them a A couple of websites and build from there. We did an online marketing agency, which was cool. We ran their Facebook ads for people. I did real estate wholesaling. I wholesaled 2 houses in college, made $5,000 each on those houses. I had a— we were building a business to build a chip inside of a snowboard to track the progress. Anyways, you get the idea. I was trying all sorts of businesses online. I would go on YouTube. I would try to figure out how to make money. Again, I'm in college. And then I started to realize something. The vehicle that you are in, the margins, the cash flow of certain models matter. Chinese tutoring was much harder to scale to a million a year than maybe like real estate or wholesaling or something else. And this is the analogy I use. I call it the 10-mile race analogy. Are you guys okay with this? Type a yes in the chat if this is if you guys want me to keep going down this. But this is, I call the 10-mile race analogy, and I use this for business all the time. If we're in a 10-mile— excuse me. If we're in a 10-mile race, you can use a method and a tool. So, most people would think in a 10-mile race, I'm going to use— I'm going to run and use shoes. Okay? The problem is, you know, we're running against this guy. This is the GOAT, the greatest of all time marathon runner, Eliud. I hope I said his name correctly.

Eliud Kipchoge.

We're in a 10-mile race and it's— you got to work hard. You got to train to run a marathon or be in a 10-mile race. Okay. However, what if you change the method and the tool? Instead of running with shoes, you rode a bike. In a 10-mile race, if you're an average athlete, you could beat the best runner in the world just by having a different method or a tool. Again, run a 10-mile race. Same thing's true. What if you drove a car? You could be even fat, overweight, and you could beat the best marathon runner in the world because you had a different method and tool. To apply this analogy to business, there are certain business models that are better for growth than others. And I realized that I needed to be in a better vehicle For growth. To scale some of these vehicles would take so much effort. Even if I was one of the best in the city or in my county or in my state, I would make marginal returns compared to a different vehicle. If you look at the Forbes billionaire list, there are certain categories of the top billionaires. Want to take any guesses of these categories? I'll give you a hint. Number 4 is fashion and retail. 297 billionaires made their money through fashion and retail. Number 3 is manufacturing. 342 billionaires made their money through manufacturing. Number 2 is tech. 401 billionaires made their money through tech. Guess what number 1 is? Finance and investments, investment funds. This is the number 1 category of billionaires. There's an old saying that says most millionaires make their money through real estate. There's also another saying that most billionaires made their money through private equity or investment funds. This is the best vehicle on earth to make money. I met a guy who made $84 million a year running a fund. That was his kind of annual take rate. Not too bad. Okay, $84 million a year. Which is just bonkers, right? And he and others taught me this interesting principle of like, when you're picking business models, you have this matrix, which is the net worth of the buyer versus the cost of the asset. Okay? So, for example, you can sell cheap things to poor people. This is a race to the bottom. Think of Walmart. Everything's discounted. You're selling cheap things to poor people, which you can make money. However, you have to be very large at scale because your margins are compressed. You can sell cheap things to rich people. Now that works because rich people have money, but cheap things, well, you run out because there's only so many rich people that can buy a cheap thing. But that can work. You can make some money there. You can sell expensive things to poor people. I wouldn't advise this, but some things here, like think of medical healthcare, very expensive. Poor people buy this, but this becomes very regulated. And there's insurance and other things, and it can kind of be, I don't know, you feel unethical about things as well. I would not advise going in this bucket. Talking to this mentor of mine, he's like, the best thing you can do is sell expensive things to rich people. This is what you want to do. This is how they made $84 million a year running a, at their time, an investment fund. This is how some of the top fund managers, they make cash flow. Not net worth. This is cash flow to the top fund managers in the world. You guys know Ken Griffin? He runs Citadel. He makes on average about $4 billion a year running his fund. This is not net worth. Again, net worth, like Elon Musk, his net worth goes up or down every day based on Tesla's stock price or SpaceX's stock price. That's not what we're talking about here. We're talking about net income. To one individual. That's $330 million a month this guy makes. Okay? $11 million a day. Fund managers are the number one earning people on earth. Okay? They earn this cash flow. Back to the analogy of the 10-mile race. I wanted to be in this race. These people are not working 10 times harder than everybody else. They couldn't. There's plenty of people that work hard. These people are working in a completely different game. Okay? They are selling expensive things to rich people. Use actually SpaceX was a great example. The IPO of SpaceX, just barely. Who made the most money? The brokers. All the investment banks who sold SpaceX, an expensive asset, to other people on the shares of the IPO. They raised about $84 billion in their IPO, and the brokers make a 2% to 5% fee on that. So they make $1 to $3 billion fee selling expensive things to rich people. Again, if you guys want to get started, you can go to fundlaunch.com/training and click the link on the, on the card there. You guys go book a call with our team or set up your account. Now, how do fund managers make money? They typically make money by splitting with investors 80/20. Okay, they're selling expensive things to rich people. So take this example. If you raised $100,000 And turned it into $300,000. That's a $200,000 gain that you would split or someone would split 80/20. Okay? $40,000 to you or the person running the fund and $160,000 to investors. Not too bad. That's like a house flipper. They raise some money, they go, they turn $100 grand to $300 grand. They make $40,000 to $50,000 on that flip. And that's how it works. But what's cool is this scales. Let's say someone raised $1 million and turned it into $3 million. They split a $2 million 80/20, $400,000 to the person raising the fund and $1.6 million to the investor. That's, hey, that's not bad. $400 grand on a deal like that, $1 million to $3 million, it's not too bad.

This scales.

If someone raised $100 million and turned it into $300 million, the split is $200 million. It's $40 million to the manager, $160 million to investors. So when we talk about a fund manager that raised $100 million, the guy I met that made $84 million a year, he was doing about double this. Isn't that pretty crazy? These people are not working 10 times harder than other people. They have picked a better model. A better vehicle. They're driving a car when everyone else is riding a bike or running. This is why fund management is so amazing. And also typically they charge a 2% management fee. So they make $2 million a year and $100 million split. And fund managers typically pay lower taxes than others. The IRS has incentivized fund managers to run investment funds. The IRS knows with the tax code, if you put incentives out there, people will follow. When fund managers raise money, they collect and aggregate capital from foreign investors or local investors, and they go and invest into projects, buildings, things. And the IRS has incentivized this. Typically on carried interest, they're paying lower taxes at a capital gains rate if they hold it for 3 years, 20 to 25%. Now you can say that's wrong, that's not right, these billionaires should pay more. I'm just telling you what the tax code says. You can either be mad at it or you can go with it and be part of the system. And what I'm telling you is that's what I've chosen to do, be part of the system. For me and my family, I want to be on the rich. Like if there's a wealth gap dividing, if the, you know, people always say the rich are getting richer and the poor are getting poorer. And that's a big problem in society. It's a big issue. And we got to fix that and help that out. But I'm like, for me and my family, I'm going to figure out how I can end on the rich side of that thing. You know what I'm saying? And these are things that— and so I go, I'm going to copy what wealthy people do. The number one category of billionaires is they run investment funds. Can I get an amen? I don't care where you stand politically. I don't care what you think about it. I'm just saying for me and my household, I want to end up on the rich side. And I'm going to do everything I can to end up on the rich side. Okay? So again, back to this analogy, the rich people are doing this. They have learned a different way of running business. Okay, so I back to my story. I needed to figure out this game. I was like, how do I figure out this game? And this led me down the path of launching my first fund, which I ran for about three and a half years as a private credit fund. We then sold that fund and then launched a second fund, all the way to my fifth one. We just launched and closed a thirty million dollar first close in our just barely. We just raised thirty million bucks the last four months, five months. So I'm actively doing this right now. Again, if you have a good idea and good deals, a fund just bolts on to what you're doing and allows you to scale. Okay. Now, how are funds structured? How are they put together? Let's talk about this for a second. Is that cool? You guys cool if I keep going? How do funds actually run? This is kind of how it works. This is how 99% of private capital is raised in the world. They use this structure. They have a limited partnership, which is the technical term of a fund or the pool of money. See my little swimming pool here? This is a pool of money. Investors are going to put money into this pool. We're going to go make investments and then the investments are going to make money. We're going to return the money to ourselves and the investors. That's all we're doing here. So, to give you a bigger example, so what does this look like? Well, investors or limited partners put money into the pool. We are over here. This is me and you. We're the general partner management company. These are— each box represents an entity. This is like an LLC. This is an LLC. This is me and you. We're over here. We govern what happens in the limited partnership from the investors, the limited partners. They put money in this pool of money. This goes and makes investments. Whenever the investments make money, it flows back to the limited partnership and gets split 80/20 typically. So, 80% to the investors and 20% to the general partner and management company. That's me and you. Okay? This is all governed by 2 big legal documents called the LPA and PPM. These documents are very complex. We call them the Bible. Because we can write all the laws and covenants of how this thing will operate. You can actually change and figure out how you want your fund to run. So again, to summarize, we have a limited partnership, a fund. Investors are limited partners. They put money, see their little money logo, into the fund. We sit over here, the general partner management company. We manage the fund. We make investments. We buy real estate. Whenever the real estate or investments make money, it flows back to here. And then get split 80/20 between these two. Y'all following? Okay. Now, if I look at Fund Launch AI, this is exactly how we built this whole platform. So what I just showed you, ta-da, here we go. What do you see here? This is a limited partnership. These are all the documents associated with the limited partnership. This is an entity. We have our management company. This is your management team and management company. You also have a general partner. Here it is. Your general partner is here. We've built this entire platform around that. I just talked about your LPA and PPM right here. Ta-da, guess what's right here? Your LPA and PPM. These are the legal docs you guys need to go and build your whole fund. These are auto-dynamic. So like if you change this from 7 years, oh, let me zoom out. Sorry, I'm going a little fast here. From 7 years to 10 years, Everything on the platform auto-updates, everything auto-syncs. I mentioned you can change things in here. This is what this fund builder allows you to do. So you can come and actually change and tweak and edit your entire fund inside of Fund Launch AI. So I can come tweak all the terms inside of Fund Launch AI and build out how my fund is going to operate and run. Isn't that pretty slick? We've essentially automated this entire process the way funds are built. If you haven't yet, go make a free account at fundlaunch.com. We'll drop it down below again. You can also book a call with our team at fundlaunch.com/training. Go check it out. Now, Bridger, what are these different types of funds? In Fund Launch AI, it's going to ask these questions. So what are these funds? Well, a real estate fund or a private equity fund or venture capital fund, they actually operate All very similarly. One of my big frustrations about the world of finance is people use complex terms to confuse people. These really aren't that complex once you get down to the brass tacks. So, for example, what is a real estate fund? Well, it's this exact same structure here. And all that changes is the investments, what they're buying. So a real estate fund has a general partner, management company, limited partnership. Instead of doing other stuff, it buys real estate. Ta-da! Like pretty simple. It's in the name. So what about what's private equity? What does that mean? A private equity buys private businesses. It's the same structure. Instead of buying real estate, it buys privately held businesses. Ta-da! Like, not that crazy. It's buying equity in privately held businesses, hence the name private equity. So, what's venture capital? Venture capital is investing or buying into new startups. Again, the investments just changed. It's like, think of Shark Tank. They're investing into early or young startups. So, what's a hedge fund? A hedge fund, instead of doing all these other things, it buys stocks, bonds, options, anything public. So public trading assets. Does that make sense? Same exact structure. It just buys public assets. Private credit. What's private credit? Well, it makes loans. So it would— the investment would make— it would lend money out. It's going to, hey, I will loan you $1 million for X percentage. That's it. They are all structured almost exactly the same, but we put different names on them depending on what they're doing. So, if someone now tells you, oh, I run a hedge fund or I run a venture capital fund or I run a private equity fund, you now know what they're talking about. Kind of cool, yeah? Isn't that somewhat useful? Okay. Is this making sense though? Can you guys see why I love investment funds? This is one of the greatest vehicles ever created. It's incredibly powerful. And now you, all of you can go play and build out your whole fund. right now to see if it's the right fit. Isn't that kind of cool? Put me full screen for a second. Pretty useful, yeah? I think there's a few questions in here I can answer. Can the management co have different equity partners than the GP and vice versa? Yes. Yeah, typically they're the same people, but also they can be different. Yep, they can be different people. Do you create any open-ended international debt funds? We do create open-ended funds. International is an add-on, but yes, we help people do that. So open-ended versus closed-ended. Open-ended funds just run long-term. But yeah, once you're in there, you can do open-ended funds. Yep. Pretty awesome, right? Now let's touch on another one here. This is awesome, Bridger. I get it. Funds are cool. How in the world am I gonna raise money? How am I gonna do this? You guys cool if we talk about this for a minute? Type a, give me a yes in the chat. Is everyone still awake? You guys there?

Yes.

We're going here. Yeah, a few people are still here. What's going on? Yeah, well, we've got a lot of people here. Okay. I need a little engagement. There we go. I love it. How do I raise capital? Again, I have raised about $84 million of equity with our team for our funds. We've done decently well this year so far. We've raised $30 million this year. So, in 2026, what is working right now? I actively do this day in and day out. So, let's walk through this, okay? So we've had a lot of trial and error doing this. Again, I mentioned $84 million. Our portfolio funds have raised over $330 million of equity and our clients manage $7.1 billion. So we've seen what works and what doesn't work when raising capital. It is nice to have a pretty logo, a CRM, a website, a custom pitch deck, branding and news, an email list. And these things can cost quite a bit of money. And I've seen people waste a lot of money on all these things. Now inside of Funnel Launch AI, we're actually building into this right now, full CRM, website, custom pitch deck. You actually get built inside of Funnel Launch AI. If you go, if I show you for a second here, when you're in here, oh, my bad, hold on. When you're in here, you actually can go and build a full custom pitch deck, which is right here, sorry. So you can see we have our— these are themes, but also I can go and say, hey, this is building a custom pitch deck. We just built one out a few minutes ago actually for somebody else. So I can say, hey, build me a— oh, sorry, one more time— an institutional-grade style deck. I made it, you know, green and black where my— so these are custom pitch decks you can build inside of Fund Launch AI. Again, if you haven't yet, go to fundlaunch.com and go Have a go start for free, no credit card required. You can go just build inside of Fund Launch AI and start building out your fund. Okay, but if I come back to this, what actually helps you raise money? You can easily spend $50,000 to $100,000 raising capital and get zero results. Okay, so I've also seen people who didn't have a pedigree or they went to a bad university or they were a college dropout like me. They had a bad logo or no logo. People that were kind of nerdy or had a cold personality, not the typical slick-talking capital raiser you would think. People who are introverts, not very talkative people. People who have no track record, I've seen them raise lots of money. And so it comes to the question of what actually moves the needle when raising money? What do you actually need to raise capital? Okay? And I'm going to give you an example here that kind of paints the picture of how I approach this. Is that cool? I call this the Lamborghini in Montana example. This is actually one of the first examples one of my mentors gave me, which was this. He said, Bridger, and I was, at the time, I was 20-something years old. I was like, man, I don't have a track record. I don't have a college degree. Like, how am I going to raise money? He said, Bridger, take this example with me. This Lamborghini, this is an Aventador. We just found this Lamborghini. It's in Montana. We believe it's worth about $300,000. Pretty nice car. There's a— there was a death in this person's family up in Montana. The kids, everyone's in chaos. They are selling the car for $100,000. They need cash right now. Saturday at 2 o'clock, if you have cash in hand, you can buy this car for $100,000. Okay? We've already had a mechanic look at it. It's a legit car. It's not a fake. It's like, it's real. And I'm going to ask you guys the same question in the chat. The car's worth $300,000. We can buy it for $100 grand on Saturday. You cannot use any of your own money. Could you— today's Thursday. Could you raise or find $100,000 cash by Saturday at 2 o'clock to close on this car? Yes or no? Type in the chat, yes or no. Could you find $100 grand by Saturday? And when I first got this example, I was like, I don't know. I don't know if I could do this. Maybe. And he's like, really? You're going to make $200,000 this weekend if you can find $100 grand cash by Saturday. And I'm in college. And I was like, well. You know? And I was like, let me think about it for a second. This is a great deal. Like, this is a lock. Like, every, let's say it's all, everything checks out. We just need the money. And I was like, man, could I talk to a former boss that I used to work with? Or maybe a college professor or a friend from high school? You know? Like, and let's say we split it. We're gonna split it 50/50. They bring the cash, I do the job. I'm gonna make $100 grand this weekend in college. And I could, we can sell, we have a buyer lined up. We can sell this car. Monday or Tuesday for $300 grand easy. And I thought about it and I was like, you know what? I think I could do that. I don't know who I'm going to— I'm going to go talk to everybody I know. I'm going to knock on doors. I'm going to be up early, late at night. I'm going to be on LinkedIn. I'm going to be messaging everybody I've ever met in my entire life to make $100 grand this weekend. Like, dude, I'm in. And I was actually like, yeah, you know what? I bet I could figure it out. And he goes, well, why? And I said, well, because the deal is so good, right? Like this car fire sale is $300,000. We're going to make $100 grand this weekend, $200 grand this weekend. I was like, you know what? I think I can figure this out. And he goes, aha, there it is. And I was like, what do you mean? And he goes, a few minutes ago, you were like sad, depressed, no one would invest with you. You can't find the money. And all of a sudden, Because the deal is so good. It's got so much juice, you know, juice on it. You— we believe we could actually do this deal. You know what's also interesting? He goes, people don't ask you about your track record or your college degree or whatever because they can just look at the car and they can see the whole deal in front of them. They know if we go to Montana, we're going to buy the car. It's going to come back. We're going to do the whole deal. The deal is so good. And the— to bring this analogy, and I was like, well, this is a fake analogy. He goes, well, this type of deal happens quite often in real estate and private credit and other areas where people need money right now. They need it by Saturday. And usually it's not a car, but it's typically a property or a business or a transaction has to happen. And if you or me can find cash and sell the deal, You can raise a decent amount of money. And so, I took this analogy and I was like, huh, let me try this on my own business. And so, I started to raise money for a, at the time, was a private credit fund. We were going to make loans. And what I would do when I would go pitch, I would sit down with them and say, here's the deal. You put money in here. We invest in these loans. Please, investor, look at where am I missing? Poke holes in it if you can. And these investors would go poke holes. And after about an hour, they're like, man, it's actually, it's pretty solid. And I said, yeah, you want to put some money in? They said, sure. And at 22 years old with no track record, no background, I was able to go raise my first little micro fund was $50,000 I raised. But it worked. We got started. We got launched. We started doing little tiny loans. And that fund did better and better. We then launched our Fund 2 version of that. We raised about— in college at 23 years old, I raised about $850,000 with no background, no college degree, no track record. And I would lay out the deal for them and say, what do you think? Poke holes in this thing. And so, it comes back to what do you actually need to raise capital? And if you use that story, there's 3 distinct things here. I had a good deal. I had structured this deal and I had a network to go to, right? Of people to go talk to. I had a good deal. I had like, take the Lamborghini example. We had a good deal. I structured it. I said, hey, let's split it 50/50. And then I started thinking of who are people I can talk to? Can I go knock on business owners? You know, knock on doors of business owners? Can I go to, on LinkedIn and start messaging people? Can I go to a former boss or friends from high school? Or people that I knew in my past that might have money that would be interested in a deal like this. If I break down each one of these, is this making sense? You guys following along so far? This kind of making sense? So when I if I break down these deal structure and network, money loves speed. People who work fast, who can move on things, money loves speed. Money loves motion. Okay. So let's look at deals for example. Well, Bridger, how do I find deals like what you're talking about? There are tons of deals out there right now. And with the internet, they're like listed online. You can call and talk to people. A couple of notes I would just tell somebody, tell people you're setting up a fund. Start telling people, hey, I'm in the process of building a fund. I mean, you know, I'm looking at building a fund. If you have any good deals in real estate, send them my way. Or if you see any good deals in businesses that are looking to be sold, send them my way. You'll be surprised how many people start sending you deals. There's also broker sites, BizBuySell, Venture Studio Groups, and other funds. You can go off-market, just start knocking on doors, asking if people are willing to sell things. You can start getting practice and reps. For example, this is Empire Flippers. You can go on right now and look up businesses. This is one of them. This is a lifestyle and health and fitness business listed for $2.8 million. They're making $75,000 a month. So, if you raise $2.8 million, you could buy this deal. Now, I don't know if it's a good deal or bad deal. You're going to have to call them up and dig into it, but it gets you practicing looking at deals. Here's another one on bizbuysell.com. This is a Mathnasium. You can buy it for $129,000, and it's making a gross revenue of $247,000. Again, go get more details. I'm not telling you to do this deal or not deal, but you can go look into this deal. And look at this, back to our idea. Could you buy this for $130 grand with some investors? And over a year or two, maybe sell it for $200 grand or $300 grand? Maybe, right? And then you split the returns 80/20. Like, this is kind of how you start. You just start getting in the market. Here's another real estate building. This is for sale, an office building. You can call up right there, call up Derek. You can see his phone number. Okay? Go call Derek. Ask him some questions. Get in the process of looking at deals. And you're like, well, Bridger, I don't know how to even ask the questions on this deal. Well, what I would do, the first, like, this is a great principle of life. You're going to suck at this. You're not going to be good at it. But the only way to not suck at doing this is just to keep doing it. And what happens is you're going to be horrible at this and then you're going to get better and you're going to suck less and then you're going to suck less and you're going to suck a little bit less and then you're finally going to be kind of good. And then you'll be actually good at it, and then you'll actually be really good at something. And so, what I would tell anybody right now is just start making phone calls. It's free. Call up Derek. Hey, I'm looking to put together a fund. You know, we're looking at office buildings. This one's in Draper, Utah. You know, can you tell me about the building? Oh, sure. You know, let me tell you about it. And then, you know, and even ask Derek, hey, what are some of, you know, ask him all the questions, you know, what you can think of. Ask ChatGPT to help you on the way. And at the end, Derek, what other questions should I be asking you? And Derek will actually tell you the questions you should be asking him to underwrite a deal. Now, this also helps if you have partners or people that have done this before, but this gets you in the habit of doing this. Okay. Is that making sense? We also posted on LinkedIn. We were like, hey, we are, we have set up a fund. We are looking to invest in companies. And today we had 22 people comment back. Yeah, I'd love to come there. I posted, I had 395 comments back on this post. We have a fund. We're looking to give you money. You'd be surprised how many deals start coming your way when you start telling people you are looking for that. Okay? Is that useful? Is that making sense? That's on the deal side. You can start doing this today. It's free. Just pick up the phone and start calling. It's like you'd be surprised how many little, like few people will do that. Next is structure. Okay? So I have one that I'm interested in. How do I structure this deal? Well, Money loves speed. Go use Fund Launch AI. You can go structure your entire fund inside of Fund Launch AI. If you haven't yet, go create a free account. You go to fundlaunch.com. You can actually say, hey, I'm doing private equity. I just, you know, I just found a deal on bizbuysell.com. And here's the— then I can actually upload. You can actually click and upload the pitch deck of the deal. And it will help you build out and structure the fund of what you're doing. Back to structure. So your whole fund can be structured in 20 minutes, 15 minutes, like a quantum leap ahead of everything else prior. Go use Fund Launch AI if you haven't yet. Go to fundlaunch.com and go use Fund Launch AI. Okay, so you have deals, you structure it on Fund Launch AI. Now how do I take this to my network? What do I do with network? Okay? How do I go find the people to talk to? Again, the same principles. Money loves speed. Don't go, don't burn relationships with people. Don't be a jerk. Just start talking with people. The problem is most people, they want to have someone else do this. They want to hire somebody else for $100 grand a year. They want to pay somebody to pitch for them. They want to go sponsor an event. They want to use expensive placement agents. They want to— Yeah. Let's go on CNBC and Fox. Let's pay 10 grand and we can get on Fox News. We want to— let's go build our website first. You don't need any of those things to start. Okay? You don't need any of those things to start. What you need to do is start talking with people. And I know this because I've done all those things. Okay? People invest with others that they know, like, and trust. So start getting people to know, like, and trust you and start talking to people about your deal. and expand the pool of people that know, like, and trust you. And so, let's see, I'll come back. The best thing we did, we started to bring in partners, advisors, and I have this great principle. Go ask for— you can put me full screen. Go ask for advice from people. Hey, I found this great deal on XYZ website. I've structured it with Fund Launch AI. Hey, I would love to run it by you. Do you have 9 minutes, 13 minutes? I could come to your office or I could hop on Zoom and just run you through what I'm thinking. You'd be surprised how many people are like, all right, I'll give this guy 13. And I like precise numbers, by the way. Don't say 15 minutes, say 13 minutes or 12 minutes, because it shows that you're efficient with your time. Hey, if you do have 12 minutes, I could just run this by you. I want to get your eyeballs on it because I know You're really good investments, and this is an investment I'm looking to put together. What do you think? I would love to get your advice. When you go from the frame of advice, it puts people's guards down. It also saves you the embarrassment of like, hey, give me money, and they say no, and then it kind of hurts your relationship. When you ask for advice, first off, people love to give advice. It's like just a principle of humanity. And secondly, it actually, their advice might be valuable. And so I would take whatever deal you have that you've structured, you've gone out and built, start talking to a former boss, a friend from high school, a person in your network, someone that you look up to as a mentor. Can I run this by you? What do you think? Poke holes in it for me. What do you think? Where am I missing? And take your pitch deck from Funnel Launch AI. You can share my screen again. You go to— Go to Fund Launch AI, build out your entire fund. Take your pitch deck is already done. Take this pitch deck. You can hit publish here or preview. This is a working website you can share with somebody. Take this to them and be like, hey, this is Viking Capital Partners. We're looking at, you know, buying 100-unit apartment complexes in Houston, Texas. This is what we're looking at. It's a 10-year fund, $250,000 minimum. What do you think? And you can run them through all of, you know, Your problem anyways, build out your whole thing and they will poke holes in your fund. Or they'll say, this is actually pretty interesting. Are you actually raising money for this? You go, yeah, I'm putting this together. Well, you know, call me when it's ready. And you can start collecting verbal or soft commitments from people that want to put money into your fund. That's how you go raise money. That's how you, you figure out and build something that investors want. And what's so cool is Fund Launch AI helps you design it, put it together quickly so you can test and iterate and test and iterate and test and iterate. And you'll figure out and build with your clients, meaning your investors and the market of what works and what doesn't work for people. And then all of a sudden, after a few months, you'll find yourself, you've built like a network of people. People see you as a deal person. People see you as humble enough to ask them for their advice. You're not some jerk coming in like you have to invest. Like you're asking for their advice. You're working with them. That's what's the amazing process of doing this. Ask for advice, not money. Okay, ask for advice and take the materials you have. So if you go back to my slides here, you found a great deal. You structured the deal with Fund Launch AI. You put those together and then you go to your network. Money loves speed. They people like people that are in motion, and yeah, it might take you a month. It might take you three months. It might take you six months. Okay, you're building the best business model on earth. It's not gonna hap. It's not get rich quick. It's not gonna happen overnight. But if you do it the right way, it's get really rich in the long run. This is a get rich long run scheme, if you can say it that way. Okay. Like this is a long game. When you take money from investors, you're playing the long game here. That's what we're doing. And furthermore, don't do this alone. Find partners. These are the 3 main roles of a fund. You have an expert investor, your fund manager, and money raiser. Find good partners that you can bring in to help complement your skill sets. You know, maybe you're really networked and have a lot of people with money, but you don't know how to find deals. Go find other people that have deals and vice versa. Maybe you're really good at finding deals or putting together the fund, but you don't know how to— you don't have anybody, you know, how to talk to and raise money. Well, go find people who do this. There are people like this waiting for someone like you to come along to partner with. Find people who complement your skills. Very rarely does someone do this alone. And what's cool inside of Fund Launch AI, we actually have a full community section. If you go right here, you can click into our community. We have a private Slack group. You can see here, I'll open it up here. We have over 1,800 members in here of people that are live building out funds that are in the Fund Launch community that you can go work with and network with inside of this. We're going on a cruise next month together. If I go back to Fund Launch AI, you can see our events. We have a cruise coming up in 41 days. If you're a pro member, you're welcome to come on the cruise with us. And if you want to learn how to be a pro member, go talk to our team, fundlaunch.com/call. So go to fundlaunch.com/call. You'll see this video. You can book a call with our team members and see if you want to be a pro member and come work with us. But these are vetted, great people. We have a deals channel of active deals. This is from yesterday. Someone dropping deals that they're working on right here. This is from a few days ago. Someone dropping a $17 million acquisition. These are deals happening live in our community right now. These are real people. Putting out what they're doing. Okay, isn't that kind of cool? So again, you can go check that out there. Is that somewhat useful? You can put me full screen for for a second. This is why we love doing in-person events. You can share my screen again. This is Fun Launch Live number one we held in Las Vegas, Nevada. We had about 1,200 people show up, which was so cool. We held Fun Launch Live number two in Miami, Florida, with over just under 2,000 people show up live. We had Jim Rogers come who. is a legendary, famous fund manager. This is Fund Launch 9 number 3 in Orlando, Florida. Again, there's a— the networking piece of this, working with real people is huge. That's what we bring with the Fund Launch community all in one. We do our cruises. We did a cruise last year to Spain, France, Italy. This is our group that all came, which was really fun. And we're doing another one off of LA going to Cabo here soon. We did an event in Hawaii. Leaf was in Hawaii earlier. We were in Kauai with our event here. This is all of our people here. So, This community is massive. This is one at our Fun Launch headquarters. We have a basketball court at our gym and people come and we all hang out here live. We went to the Waste Management event in Scottsdale, Arizona. We were at the famous hole here on 17, which is pretty fun. But again, the people who do this the best, they find great deals, they structure them and they network and they— money loves speed. Okay? Money loves speed. Okay? And that's what we've built with Fun Launch AI. So again, go book a call, create a free account. I can answer— let's answer a few more questions. So drop questions in the chat. I'm happy to answer a few more things. Uh, we can stay on live for a little bit longer, but I would just tell you, start— go create a free account, start building on here. Um, it's, it's so dang useful. I wish I had this 5— what, 8 years ago when I started? I wish I had something like this. Okay, type in the chat what questions do you have, what can I help you with. Maybe I missed something earlier, maybe you copy and paste or re-put it in the chat so it's the bottom so I can see it. And then also you can go to funlaunch.com and just, and then start for free right there. At last you have taught me something useful. Ask for advice, not money. That is a good way to start building your network. Yeah, there you go, Colette. Ask for advice, not money. That is the, what I've seen, the best way to go and do it. Happy you got something out of today, Colette. I love it. I have my renderings plus my pitch deck. Can I run this through your model? Can I share my business model to you? Yeah, Paul, tell me, maybe type in the chat. What are you doing right now? What are you building? What's going on? Big Oak Sky says, I've been talking to people. They love the deal, but they don't have money. And sometimes that happens. And then the question as well is, do you know anybody else that is interested that might like this? You guys love the deal. You don't have money right now. Who else do you know that might be interested, that might have some money for this? You'll be surprised the network of meeting somebody, then meeting somebody else, then meeting somebody else. Um, capital raising happens by shaking hands, you know, meeting people in person, uh, flying out. Right now I have one of my partners is in, uh, the Hamptons at a capital raising event. My other partner is in LA capital raising as well right now. We are actively flying around the country meeting with people. You know, we'll message, hey, we're gonna be, you know, hey, I'll be in, I'm looking to be in New York in the next few weeks. Is there a time that works for you? You know, we're—we don't have any plans to go to New York unless they say, "Yeah, you know what? I'm free." Okay, great. I'm hopping on a plane. We're heading to New York. You know. Oh hey, I'm gonna be in your city in the next few weeks. There's something you know about meeting people in person, showing up. It's just you know and asking for advice from people. It does magic. And by the way, capital raising is hard. It takes effort. It takes time. But when done well, man, it's—it's done really well. All right, let's keep going down here. Um, I would like to see my project in your mode. Tell me about your project a little bit, Paul. What are you guys doing? Just type in the chat and maybe I'll bring you on live. Let me answer a few more questions here. Um, if I wanted to invest in corporate R&D projects, an alternative asset class, what type of fund would that be? Corporate R&D projects. So That would be most likely private equity. So you're buying into, you know, companies who are doing research and development. You would probably do a private equity type of fund. Yeah. Yep. Yeah, Paul, type in the chat what you're kind of working on. What are you guys doing? And then somebody asked, what are the— what about the legal structures? If you share my screen here so you can see inside of Fund Launch AI, we actually help build out the legal structure with you. So you can see these are the This is probably the best way to visualize it. You can see here, these are the 3 main entities of your fund. You have your management company up here, your general partner here, and your limited partnership here. And these are the underlying documents that go with each one of those. So if you hover over one of these, like your LPA, you'll click into it and this will be your limited partnership agreement. You can see the documents here and you can scroll through and work through these documents. And you can see the things that are auto-populated on here. You can also build out your fund here as well.

Yep.

Okay. Paul says, I'm building single homes, townhomes, rental properties, clubhouses, sport complex, golf course. Okay. Very cool, Paul. Let's bring, let's bring you on live, Paul. I'll, uh, my team will make you a co-host and then you can, you'll be able to unmute yourself and I can See you turn on your camera if you can. Let's yeah, let's let's look at your project. All right, Paul, we'll give you a second here. We should send you an invite to make you a co-host. All right, see if you can turn on your camera and your mic. Let's give it a test here. Can we hear you, Paul? Check check check. Hey, Paul, I can hear you. Yep, you there? It's got a little bit of an echo. Hold on, let me— let's see if we can try it here. There we go. I can hear you. I'll spotlight you as well so we can all see you. Hey, Paul. We're doing good. Good to meet you. Where are you calling from? Upstate New York. Okay, excellent. Okay.

To include the amenities, there will be a clubhouse, golf course, sports complex, and a golf complex. Cool. But this is all on 70 acres, which I own free and clear.

Very cool.

Okay.

Yep. Kind of see where you're at. Yeah. Excellent. Where— and if you— this is— now this is congrats, by the way. This looks awesome. Where are you at as far as the capital raised so far? Have you raised any money? Do you have builders lined up to build the 27 homes? Where So walk me through cap raise and execution.

Yeah.

Do you have a group lined up that it's gonna— that's gonna do it? That's Interested or not yet? Okay, from there. So, and you're from the— so the state's going to recommend a general contractor to work on this? I see. Gotcha. Very cool. Um, this is excellent. Uh, let's do this. Share my screen if you can. So I took some notes here as you were talking. This, uh, so I've got for at least phase 1, you're going to raise $24 million, right? You own 70% in upstate New York, looking to build a master-planned community. 70 acres of land. Yeah, so 70 acres, right, of land, free and clear in upstate New York. We're building a master-planned community, 27 homes, Townhomes, which are going to be low-income housing. Is that right?

Okay.

Clubhouse golf course phase one is twenty-four million to build out the single-family homes, right? Cool. Okay. And so really what we're doing right now is this $27 million, that's the first raise, am I correct? Sorry, $24 million.

That's correct.

That's correct. Okay. All right. So I put this prompt in. Let's hit execute here. Um, now while it's going through, again, this is calling on a bunch of sub-agents to bring in what are the best practices for these types of funds, like this kind of a master plan build-out. It'll help design the capital raising the fund. Additionally, so as this builds out, this will help you build your structure, the deal. Have you gone to market so far? You already have a pitch deck. What has been the response from investors so far? What have they said to you back? Okay, that's good. So, and is that the only feedback you've gotten? What's been the other feedback? Okay, okay, very cool. And that, uh, so as you can see right now, it's still kind of building out your fund. You can see my agent bar on the left is working on drafting. You see my— our strength score keeps going up, um, as it kind of takes in context for what you're building. Here is, uh, do you have a name? What are you guys calling it? Aspen Ridge at— what was it again?

Sylvan Lake.

Sylvan Lake. Okay, sweet. Aspen Ridge at Sylvan Lake. I love it. Great name. Um, okay, excellent. So we've got our— now this is again going to build for— it's going to ask me a few questions. What are target returns? Uh, do you have a net IRR for target returns on phase 1? I don't know. That's kind of— well, and you mentioned you wanted to kind of build out what it would look like. So this actually right here is a calculator tool that we can actually use to see what this would look like. So we're raising $24 million here. Have you decided if you want to use leverage on that? Do you want to like use bank money to build or how much, you know, what's the total build cost? $55 mil. So total build cost is $55 mil? $65. $65. Okay. Okay, great. So if we use about 50% leverage, maybe a little bit higher, $55, that'll get us to total build cost. Do you know what interest rate you guys would get on this kind of this construction build?

I think it's 7%.

7, something like that. It's okay, we're kind of doing estimates here, so I'll set it to 7.5 just because there's always— they always want to charge more. Um, uh, we'll come back to gross IRR, so that would be the internal rate of return. Uh, let's say we're charging a 2% management fee and a 20% interest. We're gonna charge a pref return. Maybe let's charge 8% here. We'll do a GP catch-up. How long do you think this is, uh, I guess, fun term to do at least this first phase 1? What's kind of our time period and what's our hold period?

I sent my drawings to them. They had to give me the structures inside 90— inside 3 to 4 months, I could have the entire project ready.

3 to 4 months? Doing the modular houses? Yeah. So yeah, so modular housing to put those together. Okay, very cool. So a shorter time period. So I'll put maybe, you know, let's call it a 4-year total because you got to get You know all the stuff, but we'll do something like that. We're gonna, and then after it's up, how long do you plan to hold it for? Yeah, okay. Very cool. Okay, gotcha. May put me full screen for a second. Very cool. So this, uh, well, actually, sorry, let's go back to our calculator. Put me back here and then we'll go full screen. So you can see here, this gives us a little bit of a sense of, you know, let's assume we get a 2.5x on this build. And we're kind of, we're kind of making assumptions here. We can move things, but this is the type of earnings that would happen. So if we did all these assumptions, your limited partners off of $24 million would make back $75 million. You would make $15 million, assuming a net MOIC of 3.14x. And again, a net IRR of that amount. Again, we can lower these or higher, you know, you can kind of play with these numbers, but this gives you a sense of like, this essentially helps you model out how much money would you make and how much would your limited partners make.

Yeah.

Yeah, do you want to send it over to me? Sure. Send it, uh, if you drop it in the chat and just send it to just the hosts and panelists, um, we'll see it there. We'll keep it private to our, our people. But yeah, this gives you a sense of, and this is a new pitch deck it's built for. You can use this or not use this, but we can upload it as context or I can just attach it as a file, which is kind of nice. Now, as you're doing that, can I ask you a question? Put me full screen. Have you done construction before?

Yeah.

Yep.

Training them to launch this project.

Very cool. So, and I'll just speak from, I have a friend of ours. He just did a, he did a big master plan golf course, I think 1,000 units. Beautiful. I mean, this is a multi-hundred million dollar project. He just, and they're, I guess they're in process on. Right now. And you know this as a real estate agent, what they did well, and just to give you just a note from what they learned, was they built their— they got the land, they built the roads first, and they built 1 or 2 model homes so they could start pre-selling. Are you there? Are you with me, Paul?

Yes.

So, you'll start pre-selling now. He also took it to 3, and I would suggest, if I was an investor, I would want to know who's the builder, who's committing to this project, because every builder's different, and who's our GC. But he had, I think, 3 different GCs that they worked with. And I think they've worked with one, then they fired one, they got a different one, because it was a massive— I mean, this is a huge, huge project they were building with a beautiful golf course getting put in as well. They leased up the units. They had a huge— because the debt was— the debt burden was so high on the build, they actually had to restructure their like entire debt. And they actually had to— they lost a ton of money mid-construction because of the interest rates were so high. But then they— I believe they restructured it and now they're still in flight. But a lot of the— a lot of the presale happens as well once the golf course kind of goes in because people can kind of Okay. Oh, I can see the golf course. I can play there. I can see what it's gonna look like. Yes, I want a home on this golf course. 'Cause not all golf courses are created equal. And you know that. So where are you at? And you mentioned on the traction side of that, sounds like you're pretty early stages on that side of things, right?

Yeah. They put an RP for the park effect. I just— we just selected the park effect, and I'm working with the engineers. But before I do all that, I have to meet with the town to show them what I'm going to do. I don't have the drawing that they need. I just have my rendering and my proposal as to what I'm going to do to the park.

Yep. So you need to get city approval. So back to— this is like, this is, this is awesome, Paul. You're in flight right now. Um, if you go back to my screen here, so Fund Launch AI, this is very useful for you to kind of model out where your fund is at and the deal. If I go back to our, our previous analogy here of deal structure and network You're right here on the deal phase and kind of starting to structure it. If I was you, I would do— I would try to do all these 3 things at the same time, which it sounds like you're doing. So you're talking to people about it. You can structure it on FundLaunch.ai. The deal side, that's why I keep asking as well. I would, I would try to go get city approval, make sure you have the right entitlements, right water rights. You can get utilities there. I would start doing all those types of things, at least the permits. Done because sometimes, especially in New York, I've heard those things can take a long time. So, I would get— because I— if most investors over here on the other side are going to wait until all that is set up and done anyways. Furthermore, if I talk about partners, where was our partner thing? I talk about partners. This is a big project to take on. Maybe you can take the whole thing down, but I've seen a lot of people be successful with bringing in good partners early. So, this looks awesome, Paul. If it was me, I'd maybe start exploring bringing in a group or someone who's done this before because they're going to, as you know, with real estate and construction, it's always twice as long as you think and 4 times as more expensive than you think because of all the intricacies. So, if there's a great, maybe it's a construction company, maybe it's just a partner, maybe it's a person, a firm that has done these types of transactions before, that might be incredibly powerful, you know, useful to you to do the whole build out. And furthermore, another thing that you could model out, if I go back to Fund Launch AI, you could model out instead of you building it all, maybe you co-partner with someone else and let them build it all. You're, hey, I have the land, I'm bringing the partner, you guys build it all and I'll just, I'll just sit back and drink some lemonade and you guys figure it all out. But I get paid on the, on the upside. Put me full screen. Yep. What is— so like Paul, for example though, is the land prepped? Is it entitled? Do you have curbs? Do you have fire hydrants? Do you have utilities? Yep. Send it to my email. I'll drop it in the chat. You can send it to bridger@funlaunch.com. We'll put it in the chat. Maybe my team can send it. Bridger at FunLaunch.com. Send it over to me. I'd love to look at it. It'd be interesting, and maybe there's other people in the group that would like to see it as well. So it sounds like you got an interesting opportunity here. You got it right there. It's in the chat as well. You can see it. But Paul, this is excellent, man. I'm excited for you. Sounds like you have a good opportunity. Yeah, this is great. There it is. Okay, thank you, Paul. We're gonna keep we'll keep answering a few more questions, but congrats, man. It's awesome. Yeah, thank you. All right, pretty cool, man. That's awesome. Um, some great deal, and 70 acres to work with isn't too bad, free and clear. All right, how we doing everybody? Let's, uh, I can stay on for a few more minutes, answer a few more questions. Um, if you haven't yet, go sign up for funlaunch.com. It is completely free to sign up. Uh, you go, if you can share my screen. If I have an incognito window, let's see. If you go to fundlaunch.com, you can, uh, right here, it'll take you through the onboarding process. So you can pick your, you know, light or dark mode, helps you kind of onboard to the platform and tell where you heard about us. And you can actually start building your fund right now. Um, start designing funds completely free, no credit card required. You can go just start building your fund right there. Thank you, Maddie, for dropping that in and Jackie and my team, they're dropping in the chat. So feel free to go book there. If you want more help or training, you're welcome to go to fundlaunch.com/training. It's also in the chat. This is a 1-hour training that I do on specific to funds, how funds are built, how it's put together. You can go see how much money— anyways, it kind of goes more in depth on funds. And you can also go and book a call down below with my team, put your name and email in here and phone number, and we can actually— you can talk to one of my team members To build out a fund with you on here and see if it's the right fit for you. So go check that out down below. All right, excellent. Let's hit a few more. You can put me back to full screen. Yeah, thank you guys so much. Been a fun, fun call today. What else can I help you with? Thank you so much. Yeah, it's pretty fun. Bring in Rapid or Jockity and sip the lemonade. Yeah. I know if it was, there's a part of me, it's like, man, you can do the whole thing or just do a piece of the project. And Paul's got to figure that out, whatever he wants to do. But that's pretty awesome. Thank you so much. Is that really required? Get all of our info and privacy and everything seems not right. So your fund is, the privacy is for just for you. So all the data you guys build in your fund is yours. As you build out your fund, it then passes off to legal. You, before you pass off your data to legal, you sign and confirm that you want to work with legal. Um, and that's how that works. So inside of Fund Launch AI, whenever you build out your fund, it is your fund. The data is private to you. It's not shared across platform with other people. So this is, if you share my screen, when you go and build out your fund, this is all private to you inside of here. And this is essentially thinking through how your fund is gonna be built. Okay? So how the entity structure's gonna work, your closing dates, and then this translates into your legal documents. that are then submitted for legal review. Um, you work with a real attorney that then you sign with their law firm. You've signed an engagement letter with them. They can then come and structure the fund with you, uh, as a— as that's how you would normally do it with an investment fund. And then we file your Form Ds with you, file your entities, and you are off and, and going launching your fund. And it is, it is your fund. It's not— we don't take equity or partnership. It is completely your fund. It's 100% yours. It's custom to you. It's bespoke. To you, which is pretty awesome. Nothing like this listens is is made on planet Earth. You can put me full screen. Thank you. Yeah, nothing like this is a this is incredibly innovative. Yeah. Today's been Jet Fuel Bridger. Thank you so much. There'll be a replay. I believe on YouTube you can go watch the replay of this. Actually, for people I know we're kind of getting to the end here. Let me share one more quote if I can. And then we'll end the day strong and we'll be off here and I can answer a few more questions. But this has kind of changed the way I've thought about life. And I'm going to jump down. Don't share my screen yet. Here we go. Okay. This is a quote from Mr. Jeffrey Bezos. Okay. Jeff Bezos. This has absolutely changed the way I think about life. And sometimes we go through ups and downs, especially in business. There's times where it's incredibly hard. It's It feels like you're not going to make it, it's not going to work, and you just keep trying. And I love this quote from Jeff Bezos. He says this, outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a 10% chance of a 100 times payoff, you should take that bet every time, but you're still going to be wrong 9 times out of 10. So again, what he's saying is here you have a 10% chance of 100x times, you know, 100 times payoff. He goes, you should take that chance every time, but you're still gonna be wrong 9 times outta 10. So you're swinging the bat, 9 times outta 10, you're gonna miss the ball, but you just have to hit the ball one time. We all know that when you swing for the fences, you're gonna strike out a lot, but you're also gonna hit some home runs. The difference between baseball and business, however, is that baseball has a tronched outcome distribution. When you swing in baseball, no matter how well you connect with the ball, the most runs you can get is 4. In business, every once in a while when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it's so important to be bold. Big winners pay for so many experiments. This analogy that uses baseball and business is applicable To us with building our own businesses, but also the investments we make. This is what they would call a power law. If you're familiar with the concept of power laws, a power law is you're going for a 100 times bet with a 10% chance of outcome. This is why venture capital, when they make 20 investments in a venture capital firm, every single investment has to have the potential To do a 100x payoff because they only need 1 or 2 to hit to return the entire fund. This is one of my favorite quotes from Jeff Bezos. If you put me back full screen of— this is how I think about business. Back to my story. I was, I was in college swinging the bat. I started 6 businesses my first 2 years of college, and, and all of them kind of made a little bit of money. But then we started my, my first fund. We made a— I made a good amount of money on that. And then I started Fund Launch and we hit the Inc. 5000 of fast-growing companies in America. We did $50 million of revenue. Then I launched Ugly Unicorn and that next one hit really well. And we just recently launched Fund Launch Partners, which is already trending really well. And what's crazy is the more times you swing the bat, the better you get at swinging the bat. Uh, my first 6 businesses all were kind of like, okay. And then my 7th business was a, you know, 6 to 7 figure business. My 8th business was a 7 to 8-figure business. My 9th and 10th businesses, I believe, are both going to be 9 to 10-figure businesses. And so every time we've swung the bat, we've just gotten better and better at swinging the bat, and we're taking big bets. And yeah, some of them might not work out, some things might fail, but like my mindset is I'm gonna keep swinging the bat and trying. And if I go back to our analogy earlier of the 10-mile race, if I jump back up to here, Where was it? I want to swing the bat in things that have a great method and tool. And when I look at investment funds and what we're talking this out, this is the best path. Where do I go back to? This is the number one category of wealthy people. Sorry, I'm going to find the right slide. The number one category of wealthy people is investment funds. Where'd that slide go? All right, we'll leave it. You guys remember it if you were on earlier. But it's the number one category of what people are doing. So keep swinging the bat, keep trying. What's so cool about Funnel Launch AI and what we've built now, you can swing the bat for relatively low cost. Almost right now you can go for free. So if you have not yet, go. I implore you to just try it out. Go swing the bat, see if it works, see if it's a right fit for you. It might not be the right fit. And all you— you didn't waste any money. It's free. There's no credit card required. You can just go test it out. But the chance of upside is incredibly powerful. I'll tell you one last story. I was in college. So back to my story, I was in college. And this is like, I mentioned I dropped out earlier. Why did you drop out? Well, I was in college and I had started a couple of businesses. I was actually a very good student. I had a 3.96 GPA. I had an offer to go work in Silicon Valley, a 6-figure job offer at a great firm. I had a signing bonus. I was going to go do the corporate route. I also was starting these small little businesses, and one of these businesses was kind of doing well. And this guy came from Harvard University to our town and spoke. He was a successful entrepreneur. He'd went to Harvard and all these great things. He finished his talk. He came to the back of the room and he was just standing there. And I was like, I'm going to go talk to this guy. And so, and I wanted to ask him the question. The question I had was, should I Stay in school, graduate, do the corporate route, and then start a business in five years or ten years, or should I start a business right now, or continue my business and maybe even drop out? So I go up to him. I'm kind of nervous. I say, "Hey, my name is Bridger," and I ask him my question. And he goes, "Well, tell me about your business." I said, "Well, we just we just started this thing. It's doing well. You know, we've made X you know thousands of or tens of thousands of dollars so far, and we're doing well." And And I have to decide though if I'm going to take this job out in Silicon Valley or if I'm going to stay here and do this startup that's kind of doing well. And he goes, well, why are you like, what's giving you hesitant? I said, well, it feels really risky to turn down the job and the corporate route and all these things and kind of do this startup. And he goes, he kind of looks at me with this weird face. He's like, what are you talking about risky? And I was like, well, yeah, like I'm going to turn down this job. And he goes, dude, we're not talking about the same kind of risk here. And I'm like, what do you mean? And he goes, okay, let's go worst-case scenario risk. You turn down the job offer, you go start your startup and it completely fails. Okay? You just, you lost 6 months of your life or 10 months or 12 months of your life. It totally fails. He goes, Bridger, do you have a friend or a family member you could like sleep on their couch for a month or you could live in their basement and they would have a roof over their head and maybe some food in the fridge? And I was like, yeah, I have some people in my life that could do that. He goes, could you go get a job at McDonald's or somewhere else and make $3,000 to $4,000 a month and kind of COVID your rent because you're a college student? Like, could you go do that? And I was like, yeah. I could do that. And he goes, so your worst-case scenario is you move in with someone who loves you or cares for you. You have a roof over your head and you have maybe some food in the fridge that you can borrow and bum off them for a couple months. That's your worst-case scenario. And I was like, yeah. He goes, that's better than 80% of the world lives right now. Your worst-case scenario is better than most of the world. And he goes, Bridger, what's the upside? What if it goes well? I'm like, well, if it goes well, we make millions of dollars and it's awesome. And he goes, man, that seems like an easy bet for me. And I was like, well, what about school? And like, what about my job? And he's like, dude, this school already let you in once. Do you think they could let you in again? They will happily take your money to come back to school. And I was like, that's a good point. He goes, secondly, with your job, Employers love entrepreneurs, even if they've failed. Like if you've tried stuff and gone and shake the— like that makes you such an interesting candidate to interview. It actually makes you stand out incredibly well. And so worst case scenario, you have to live on someone's couch for a month or 2. You kind of reset and you get to probably come back to school and you have a great story to tell about how you tried something in your life. Most people never try anything. Most people think about trying. Most people talk about trying. Very few actually try and go all in on something. And he's like, Bridger, it doesn't sound that risky to me. That one conversation completely changed the trajectory of my life. I decided to turn down the job offer in Silicon Valley. I delayed my program. I kept going in on my, on my business, which was my investment fund, which I then ran. For the next year, two years, sold it, had a successful exit on that. We started Fund Launch. Fund Launch did $2.5 million of revenue our first year. We then did $4.5 million, then $9.5 million. We're now in the Inc. 5000 of fast-growing companies in America. And I ended up dropping out of school. COVID hit and everyone was all whacked out because of COVID And now I've launched two other investment funds and like my whole life completely changed. And I still have friends that are in school right now. I still have friends that are working on their corporate route and hoping one day to go make a chance and jump and try something. And what's cool, especially if you're young or especially if you have low levels of lifestyle, your lifestyle is cheap, you can keep swinging the bat. Back to the Jeff Bezos quote. If you share my screen again. Back to this quote, keep swinging the bat. It might take you 10 times, but keep swinging the bat. And for me, I had to swing the bat a number of times. Then all of a sudden, I had a company hit. It wasn't magic. It wasn't like, oh, like you're an overnight success. No, we started 6 businesses that didn't really work. And then the 7th worked, you know? And then the 8th worked. And then we tried one on the 9th and it failed. And we tried the 10th and it worked. Like, What I— if I can implore you anything, swing the bat, get up to the plate, try new things, test it out. What's the worst-case scenario? Back to like when I talked about finding deals, if I go back to these slides earlier, like just start calling on deals. Just start calling people up. Call on this Mathnasium deal that's for sale for $129,000 just for fun. Just see what they'll offer. Practice your negotiation skills. See what you can get the price down to. Can you get the price down below $100 grand? Like just for the skill, there's so much value in doing. That's what's so cool about Fund Launch AI. I would tell you guys, come and just build your fund out, test it, play with it. You can start for free, no credit card. You can go build your entire fund. You got nothing to lose and all the upside. Heck, if you live in America, you were born with the lottery. In 2026, there has never been a better time to be an entrepreneur. There's never been a better time to build a business. Now, is it still hard? Yes. Does it still take time? Yes. But think about building a business today. You can share my screen, share me versus our ancestors. Like 100 years ago, it was so much harder to build a business. 200 or 300 years ago, forget about it. Like you had to be born in the right spot with the right family 200, 300 years ago to build a business. In 2026, You need a laptop and an internet connection and maybe a phone, and you can do pretty much anything, especially with AI and AI agents. Now, is it still hard? Yeah, but it's never been easier. Like, I think about my ancestors. I like doing family history. Like, these people that came on a boat over to America and like did incredibly hard things and like suffered. And like, my ancestors had to walk the plains across the United States because of political, they were politically getting killed over in Missouri and Ohio and New York. They were getting run and chased out of towns. They ended up coming across the country and just started from scratch, from literally zero. I'm like, man, I think about them, dude. And I'm not going to waste my life. I'm going to go all in and try stuff out. So, there's my speech for the day. I'm getting off my high horse. Try stuff out. Go swing the bat. You guys can try this out. Y'all are amazing. Happy Thursday. Uh, it's never been a better time to be an entrepreneur, even with all the crazy stuff in the world. It's still a great time to be an entrepreneur, especially if you're in America and you're, you have access to stuff like this. This is crazy. So we'll leave this live for a second. If you guys are stuck, you can email me, bridger@fundlaunch.com. If you're for some reason stuck or want to talk further, you're welcome. Uh, before we talk, I would tell you like, go create a free fund, build a fund out, just test and play with it. If you want to talk to one of my team members or my team specific on building your fund, go book a call at fundlaunch.com/training. So book a call right now. You can walk with my team members, work with them, and we can help build out what you're doing. All right. Pretty fun, y'all. I got stuff to do. I got 2 meetings after this. I'm working, man. I'm in the game right now. I actively run 2 funds. I'm in the middle of this. So you guys are amazing. Happy Thursday. Go do good in the world. Go fight, win. And we'll see y'all next time. Peace out. Bye-bye.

Sweet. All right, good work. Oh, I'm gonna sit down for a bit. Oh yeah. Oh, nice.